Crypto Ecosystems • August 16, 2023, 5:21AM EDT Published 1 minute earlier on 
The Block
Quick Take
- SwirlLend, a lending protocol operating on Ethereum Layer 2 networks Base and Linea, has allegedly executed an exit scam.
- An estimated $460,000 in user deposits were taken, with $290,000 drained from Base and $170,000 from Linea.
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SwirlLend, a lending project operating on the Ethereum Layer 2 networks Base and Linea, has seemingly executed an exit scam, making off with an estimated $460,000 in user deposits.
According to on-chain analysis from security firm PeckShield, the SwirlLend team drained $290,000 in crypto assets from Base and $170,000 from Linea, then transferred the funds to Ethereum. The user deposits on SwirlLend plummeted from $780,000 to merely $49, according to DeFiLlama data, as the event unfolded.
The digital presence of SwirlLend has seemingly been erased, as its social media accounts on Twitter and Telegram have been deleted, and the official website remains inaccessible.
PeckShield calls it a ‘rug pull’
PeckShield characterized the actions as a “rug pull,” a practice where developers of a crypto project run away with user-deposited funds.
This incident is the second significant rug pull on the Base network in recent times, following a similar situation involving the Bald memecoin. Bald, a memecoin once boasting a valuation of $85 million, saw its value collapse to nearly zero after its unknown developer withdrew liquidity from the main pool.
