SwirlLend, a lending protocol based on Layer 2 networks Base and Linea, has seemingly executed a rug pull, disappearing with an estimated $460,000 in user funds. According to reports, the project developer drained $290,000 from Base and $170,000 from Linea.
This incident is the second significant exit scam executed on the Base network in recent weeks, with a similar occurrence involving the Bald meme coin.
BALD, a meme coin inspired by Brian Armstrong, saw its value plummet from over $85 million to nearly zero after the unidentified developer removed liquidity from its main pool.
SwirlLend Lending Protocol Has Been Rugged, PeckShield Confirms
On Wednesday, August 16, blockchain security firm PeckShield confirmed – via a post on X (formerly Twitter) – that the team behind the SwirlLend protocol executed an exit scam, making away with roughly $290,000 in user deposits on Base.
PeckShield’s on-chain analysis reveals the…
