Coinbase’s Layer 2 BASE recently made headlines for its mainnet launch and rollout. Interestingly, the project suffered a rugpull before its launch, w
Layer 2 BASE has amassed $167.74 million in total value of assets locked on its chain. While BASE continues to gain popularity among market participants, a DeFi lending protocol on the Layer 2 chain suffered a rugpull earlier today.
A rugpull is an exploit in which a developer or deployer of the project suddenly shuts down and leaves victims or investors scrambling while they bridge assets locked in the project. A recent instance of a rugpull on BASE was the LeetSwap-based liquidity pool for BALD, a meme coin that amassed nearly $100 million in market capitalization within 48 hours of its launch.
PeckShield, a blockchain security firm, identified the exploit and reported that the total value of assets locked inMoreover, the deployer has bridged nearly $289,500 worth of Ether and USDC tokens from Coinbase’s BASE to the Ethereum blockchain. The deployer pulled 140.68 ETH and 32,600 USDC tokens. Another 92 Ether is held on the BASE chain.
Investors are left with no resort to retrieve lost funds as the deployer erased the social media platform of SwirlLend. Swirlend wasn't immediately available to respond to requests for comment. The project originally had an account on X, formerly Twitter. The deployer has deleted the project’s accounts on X, Telegram, Discord, GitHub and taken down the website, with no means left to contact the exploiter.Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
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