Hack history / 2023 / Rug pull
Magnate Finance
Rug pull on Aug 25, 2023 · Treasury Misappropriation
SOURCES AGREE ON DATE AND LOSS · 3 SOURCES
Lost
$6.4M
sources: $5.3M to $6.5M
Returned
none listed
as the sources state it
Rank
#405
among thefts by dollars lost
What happened
On August 25, 2023, Magnate Finance team rug-pulled Base depositors by deleting communication channels (Telegram/website), manipulating the price oracle, and draining all assets. The deployer had previously executed Solfire rug ($4.8M) in 2022.
Details
- Date
- Aug 25, 2023
- Kind
- Rug pull
- Method
- Treasury Misappropriation
- How in
- Insiders: rug pulls, frauds, collapses
- Target
- DeFi protocol
- Chains
- Base, Ethereum
Cite this page
SwanBluechip, "Magnate Finance rug pull, Aug 25, 2023: $6.4M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht45cf271dea/ (data as of 2026-10-31).