Magnate Finance

Quick Summary

Magnate Finance exit scammed, removing various assets worth 5,357,862 $USD, causing a drop in TVL of approximately 6,400,000 $USD.




Details of the Exploit

Magnate Finance, a borrowing and lending platform running on Base chain, experienced a significant exploit on Aug 25, 2023. The
deployer removed various assets from Magnate Finance's smart contract with unverified source code. The funds were transferred and
bridged via Stargate to various chains including Arbitrum, Ethereum, Optimism, and Binance Smart Chain, and then swapped to DAI or
ETH to prevent freezing of the funds. The confirmed loss from the project's smart contract is 5,357,862 $USD, while the total
value locked (TVL) of Magnate Finance dropped by approximately 6,400,000 $USD.




Losses include:

1,557,255 $USD worth 946.66 ETH

2,051,576 USDC

1,341,285 DAI

407,746 $USD worth 247.87 WETH




Block Data Reference

Scammer Address:

https://basescan.org/address/0xa146dffe1c304a8a3de74c460ffe8dc73e5ce6e1




Funds Holders as of August 26:

https://bscscan.com/address/0x0664FAf5AfeCDe5958D8b32258e012C3788006A3

https://bscscan.com/address/0x2f3801ac648413C93009b2e7bD9e7ebf5844D0Cb

https://arbiscan.io/address/0x7B53eC7E129Acf224d58D107C96eF6FD9F91FA33

https://etherscan.io/address/0x4f2b229082Eda4790e2331B80038eA8c5cC0E2b3

https://arbiscan.io/address/0x06D3930F1b34d728BCCbd4Dffc1C90673b41DBE8

https://optimistic.etherscan.io/address/0xD85ac6Af8Cc313A30FDeDf41501d00a213457820




Malicious Transaction:

https://basescan.org/tx/0x39555e75d76b294248a434fdfe9640e0cfe3f22bd7fceb675fd4ef4b5e02f719