April 19, 2024
Latest Cryptocurrency News

Lena Network’s Candy Token Plunges 87% After $2.9 Million Rug Pull

In a shocking turn of events, recently launched liquidity protocol Lena Network’s Candy (CANDY) token has plummeted by 87%, falling to $0.38 after the protocol suffered a rug pull amounting to 753 Ether, equivalent to $2.9 million at the time of publication.

The decline was swift, with the Candy token dropping from a daily high of $3.08 at 12:45 am to its current value as of 7:48 pm EST, according to Dexscreener data.

CANDY/USDT, all-time chart, Source: Dexscreener

The rug pull was unveiled through on-chain data, revealing that the Lena Network deployer address transferred 753.11 Ether to an address associated with OKX exchange on March 6, as per Etherscan records.

Compounding the issue, Lena Network announced the official renouncement of ownership of the Candy token contract just hours after the rug pull. As of the time of publication, the protocol has not issued any response to the incident, leaving the community in a state of uncertainty.

Lena Network managed to raise over 850 ETH ($3.2 million) through its Candy initial farm offering, concluding on March 3. The Candy token, which went live on March 6, experienced a rapid and significant decline.

This unfortunate event sheds light on the growing concern of rug pulls and hacks in the cryptocurrency space. A recent report by blockchain security firm Immunefi indicates that over $200 million worth of cryptocurrency has been lost to such incidents in the year-to-date across 32 individual cases, marking a 15.4% increase compared to the same period in 2023.

The report further highlights that February alone witnessed over $67 million in crypto losses across 12 hack and fraud incidents, signaling a nearly 50% decrease from the previous month. In 2023, a total of $1.8 billion was lost to crypto hacks and scams, with 17% attributed to the North Korean Lazarus Group, according to Immunefi’s December 28, 2023, report. Investors and the cryptocurrency community are urged to exercise caution in the face of such risks.

Image by pikisuperstar on Freepik

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