The layer 2 lending protocol, SwirlLend disappeared with approximately $460k exit scam on Base and Linea.
According to security researcher PeckShieldAlert, the TVL (total value locked) of the lending protocol has dropped from $784k to $49. The team has allegedly drained $290k from Base and $170k from Linea.
According to PeckShieldAlert, the deployer has bridged $289.5k worth of crypto assets from Base and approximately 94 ETH from Linea to Ethereum.
It also comes to note that SwirlLend’s Twitter account and Telegram is deactivated which fuels the possibility of the rugpull. Its website is also not accessible which was working fine just a day before.
Another Twitter user claimed that the project owning privileged addresses borrowed over 230 Ether from protocol’s lending pools and swapped out 47 Ether from the trading pools using SwirlLend’s SWI tokens.
The stolen funds consisting of over 250 Ethers are deposited into crypto mixer Tornado Cash.
With this latest rugpull event, Coinbase’s newly launched Base is coming into spotlight as previously Bald memecoin rugpull took place on Base in a similar way.
