• SwirlLend, an Ethereum Layer 2 lending project on the Base and Linea networks, has allegedly pulled off an exit scam resulting in the disappearance of $460,000 in user deposits.
• The total user deposits on SwirlLend plummeted from $780,000 to a mere $49 as the unfolding events took place.
• SwirlLend’s social media accounts have been deleted and their website is inaccessible, adding to the suspicion surrounding this exit scam.

SwirlLend Exit Scam

An Ethereum Layer 2 lending platform known as SwirlLend has reportedly conducted an exit scam which left users with losses totaling up to $460,000. The incident serves as yet another reminder of the risks associated with decentralized finance (DeFi) projects.

Amount Lost

According to a comprehensive on-chain analysis conducted by cybersecurity firm PeckShield, the SwirlLend team withdrew approximately $290,000 from the Base network and around $170,000 from the Linea network before funneling these assets to the Ethereum blockchain. DeFiLlama data indicates that user deposits decreased dramatically from a substantial amount of $780,000 to a mere $49 when these events began taking place.

Social Media Accounts Deleted

The digital footprint of SwirlLend appears to have been completely erased as their social media accounts on platforms such as Twitter and Telegram have been deleted. This rug pull marks the second significant occurrence that happened on the Base network recently after Bald memecoin’s anonymous developer removed liquidity from its primary pool causing its valuation collapse near-zero levels within hours.

Risks Associated With DeFi Projects

The incident demonstrates once again that while DeFi holds tremendous potential for revolutionizing traditional financial systems it also comes with certain risks which make thorough due diligence essential for users participating in such projects.


In conclusion, SwirlLend’s rugpull serves as a stark reminder of how easily users can lose funds if they don’t proceed with caution when investing in DeFi projects

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