Candy

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Recently launched liquidity protocol Lena Network’s Candy (CANDY) token fell over 87% after the protocol suffered a rug pull of 753 Ether, worth $2.9 million at publication time.
The Candy token fell 87% to $0.38 as of 12:48 am UTC, from a daily high of $3.08, recorded at 5:45 am, according to Dexscreener data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/ce505381-d981-426f-a2c7-a71e3ba1fb3b.png" alt="" title="">
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 CANDY/USDT, all-time chart, Source: Dexscreener
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The Candy token fell after on-chain data showed that the Lena Network deployer address had transferred 753.11 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) to an address associated with OKX exchange on March 6, at 2:30 am, <a href="https://etherscan.io/tx/0xfa3f16f83bb3b6773b68c297687f017ff7918fa211bd2defd0fe3311d441b663" target="_blank" rel="noopener nofollow">according</a> to Etherscan. 
The rug pull occurred a few hours before Lena Network announced that it had officially renounced the ownership of the token contract, according to a March 6 X post. The protocol has yet to respond to the incident at the time of publication.
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 Lena Network nnouncement. Source: <a href="https://twitter.com/LENA_Network/status/1765305672646951422" target="_blank" rel="noopener nofollow">LENA Network on&nbsp;X</a><a href="https://twitter.com/LENA_Network/status/1765305672646951422" target="_blank" rel="noopener nofollow"></a>
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Related: <a href="https://cointelegraph.com/news/ordizk-bridge-vanishes-alleged-rug-pull-certik">OrdiZK bridge vanishes in alleged $1.4M rug pull: CertiK</a>
Lena Network raised a total of over 850 ETH ($3.2 million) for its Candy initial farm offering, which ended on March 3, <a href="https://twitter.com/LENA_Network/status/1764177565475090465" target="_blank" rel="noopener nofollow">according</a> to the protocol’s announcement. The Candy token went live earlier on March 6 before declining sharply.
Rug pulls and hacks are a growing concern in the crypto space. Over&nbsp;<a href="https://cointelegraph.com/news/hacked-funds-2024-increased-compared-last-year">$200 million worth of cryptocurrency</a> has been lost to hacks and rug pulls in 2024 year-to-date (YTD) across 32 individual incidents, according to a Feb. 29 research report by blockchain security firm Immunefi.
The over $200 million loss YTD represents a 15.4% increase compared to January and February 2023, when $173 million of digital assets were stolen.
February saw over $67 million worth of crypto stolen across 12 specific hack and fraud incidents. This represents a nearly 50% decrease from January, which recorded $133 million worth of stolen crypto.
A total of <a href="https://cointelegraph.com/news/1-8-billion-lost-web3-hackers-fraudsters-2023-immunefi">$1.8 billion was lost to crypto hacks</a> and scammers in 2023, of which 17% can be attributed to the North Korean Lazarus Group, according to a Dec. 28, 2023, report by Immunefi.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-south-korea-72k-kimchi-premium-returns">Bitcoin price hits $72K in South Korea as ‘Kimchi premium’ returns</a>

Lena Network’s Candy token falls 87% after $2.9M rug pull

Cointelegraph

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