zkSync Period protocol Kannagi Finance newest crypto rugpull

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  • Kannagi Finance has reportedly rugpulled, with customers losses amounting to $2.13 million.
  • Protocol’s social media channels have been deleted or are unaccessible.
  • KANA token has nosedived, plunging by 99% after the incident.

Kannagi Finance, a income aggregator protocol on zkSync Period, has reportedly rugpulled. Customers have suffered main losses, whereas the value of the native token KANA has nosedived.

The protocol’s official web site has allegedly “expired”. In the meantime, its social media channels, together with the official Twitter account are inaccessible. Complete worth locked (TVL) has plummeted from $2.13 million on Friday to close zero this morning, placing customers losses at over $2 million.

TVL plunged to close zero

Kannagi Finance is claimed to have had its audit on June 6, dealt with by SolidProof, an audit company below Germany-based Make Community. Nonetheless, the protocol’s smart contract code remained closed-source and unverified.

 “The zkSync Period income aggregator protocol Kannagi Finance has RugPulled, and its official web site have expired. The TVL of Kannagi Finance was $2.13 million yesterday, and the present TVL has nearly returned to zero, so the estimated consumer loss is $2.13m.  The Kannagi Finance contract code shouldn’t be open supply verified,” Wu Blockchain reported earlier Saturday.

An announcement from SolidProof acknowledges the incident and say they’re “totally examine the state of affairs.” Nonetheless, they’ve identified that the platform, which has labored with BitMart, PinkSale and UNCX, didn’t audit the Vault contracts for the reported incident.

“Nonetheless, as a registered safety supplier, our prime precedence is to help in resolving this concern promptly and transparently,” the statement learn.

Following the incident, Kannagi Finance’s native token KANA plunged 99% to close zero.

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