Magnate Finance Statement

We would like to address the recent incident involving Magnate Finance, a project for which we were approached by a since inactive intermediary on May 25th for an audit. It's crucial to clarify that the unfortunate incident was not an exploit but a coordinated exit scam. Our initial audit report indicated the possibility of changing the oracle address outlined in the report (page 18), which the Magnate Finance team used to essentially rug pull.

The full audit report can be viewed here:
https://github.com/solidproof/projects/tree/main/2023/Magnate%20Protocol

This incident further underlines the importance of thoroughly reading audit reports to understand the potential actions that can be taken by the owner. We remain committed to maintaining transparency and providing accurate assessments to our clients and the crypto community.

Sincere regards,
Your SolidProof team.

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