Crypto:
29881
Bitcoin:
$68.571
% 0.83
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.571
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Coinbase’s Base Witnesses Rug Pull !

It has come to light that the SwirlLend project on the Base blockchain has fallen victim to a rug pull incident. A rug pull generally denotes a scenario in which the developers of a cryptocurrency venture abruptly abandon or disengage from the project after siphoning a substantial sum of money from investors or users. In this instance, the Total Value Locked (TVL) within SwirlLend experienced a sharp decline, plummeting from $784.3K to $49.2K.

base rug pull

Furthermore, it appears that those responsible for SwirlLend rug pull, have executed the transfer of a significant volume of cryptocurrency from the Base blockchain to the Ethereum blockchain. To be precise, they have moved around $289.5K worth of various cryptocurrencies, encompassing 140.68 ETH and 32.6K USDC, from the Base platform to Ethereum. Additionally, they still retain approximately 92 ETH on the Base blockchain.

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base rug pull

Interestingly, even though Coinbase’s Base blockchain launched just a week ago with relatively limited secured capital, it has already experienced a collection of fraudulent activities and security breaches. SwirlLend, a lending protocol active on both Base and the recently established Linea chain, swiftly drained a combined total of $460,000 from these two chains right after its initiation, subsequently erasing its presence from social media platforms.

base rug pull

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