Candy Token Plummets 87% Following $2.9 Million Rug Pull, Adding to Rising Crypto Theft Concerns
Summary:
Candy token, Lena Network's newly introduced liquidity protocol, plummeted 87% following a rug pull involving 753 Ether (worth $2.9 million). The token had initially gained momentum after raising over 850 ETH in an Initial Farm Offering. The incident adds to growing concerns about crypto theft, with over $200 million lost year-to-date across 32 hacking incidents, marking a 15.4% increase compared to last year, according to a report by Immunefi.
Lena Network's newly unveiled liquidity protocol, Candy token, experienced a staggering decline of 87%, dropping to $0.38, from its daily high of $3.08. The dramatic decrease occurred following a rug pull incident involving Lena Network, where 753 Ether, equivalent to $2.9 million, was mysteriously pulled from the protocol. The token's initial ascent followed their successful Initial Farm Offering (IFO), where they raised over 850 ETH, or around $3.2 million. However, the token's launch was short-lived, as it plummeted soon after going live on the same day, March 6.
The rug pull incident happened after on-chain data revealed that the address linked to Lena Network Deployer had transferred 753.11 ETH to an address related to OKX exchange before Lena Network renounced its ownership of the token contract. Lena Network hasn’t yet issued a statement regarding the matter.
Criminals in the cryptocurrency industry, staging heists and rug pulls, are causing growing anxiety. A recent research report published by blockchain security firm Immunefi states that, so far in 2024, over $200 million has been stolen across 32 different incidents. This figure translates to a 15.4% uptick when compared to the same period in 2023, where losses totalled $173 million.
Focusing on February of this year, the report highlighted that approximately $67 million was pilfered via 12 distinct incidents of hacking and fraud, indicating a near 50% reduction from the preceding month's thefts, which were valued at $133 million.
Furthermore, cybercriminals made off with a hefty $1.8 billion in 2023, with 17% of these thefts being attributed to notorious North Korean hacker group, Lazarus Group, according to a report published by Immunefi on December 28.
Published At
3/6/2024 4:22:36 PM
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