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Coinbase's Layer-2 Network Base Attracts 700K Users and $242M, but Draws Bad Actors with Exploits and Rug Pulls

Coinbase's layer-2 network, Base, has gained 700,000 new users and $242 million in bridged funds since its launch. The network has also seen major brands like Coca-Cola join and generate $2.8 million in fees, with a total value locked of $170.5 million.

However, the launch has also attracted bad actors, resulting in a number of exploits and rug pulls. Recent incidents include a scammer stealing 94 ETH from Linea and SwirlLend laundering $1.7 million from the network. The safety of depositing funds on crypto exchanges remains a concern.

Ethereum Ethereum $3,434.48
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