{"id":3137,"date":"2023-08-17T11:57:08","date_gmt":"2023-08-17T11:57:08","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=3137"},"modified":"2023-08-17T11:57:08","modified_gmt":"2023-08-17T11:57:08","slug":"coinbases-base-witnesses-rug-pull","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/coinbases-base-witnesses-rug-pull\/","title":{"rendered":"Coinbase’s Base Witnesses Rug Pull !"},"content":{"rendered":"

It has come to light that the SwirlLend<\/strong> project on the Base blockchain<\/strong> has fallen victim to a rug pull<\/strong> 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<\/strong> to $49.2K<\/strong>.<\/p>\n

\"base<\/p>\n

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<\/strong> blockchain. To be precise, they have moved around $289.5K<\/strong> worth of various cryptocurrencies, encompassing 140.68 ETH<\/strong> and 32.6K USDC<\/strong>, from the Base platform to Ethereum. Additionally, they still retain approximately 92 ETH<\/strong> on the Base blockchain.<\/p>\n

You might like: How to Claim SEI Airdrop?<\/a><\/strong><\/p><\/blockquote>\n

\"base<\/p>\n

Interestingly, even though Coinbase’<\/strong>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<\/strong> from these two chains right after its initiation, subsequently erasing<\/strong> its presence from social media platforms<\/strong>.<\/p>\n

\"base<\/p>\n

You might like: Coinengineer \u2013 CyberConnect AMA Summary<\/a><\/strong><\/p><\/blockquote>\n

\n

You can share your opinions in the comments about the topic. Also, follow us on\u00a0Telegram<\/strong><\/a>,\u00a0Twitter<\/strong><\/a>, and\u00a0YouTube<\/a><\/strong>\u00a0for more content like this.<\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":2,"featured_media":3144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[965,966,972,151,967,969,970,971,968,973],"class_list":["post-3137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","tag-base","tag-base-blockchain","tag-base-rug-pull","tag-coinbase","tag-rug-pull","tag-rug-pull-crypto","tag-rug-pull-scam","tag-scam","tag-swirllend","tag-what-is-a-rug-pull"],"yoast_head":"\nCoinbase's Base Witnesses Rug Pull ! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Despite Base blockchain's recent launch, it's already grappling with a rug pull incident, reflecting security concerns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/coinbases-base-witnesses-rug-pull\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase's Base Witnesses Rug Pull ! 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