Candy

Ethereum

Token

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/lena-networks-candy-token-plunges-after-2-9-million-ethereum-loss/" data-wpel-link="internal">Lena Network’s Candy Token Plunges After $2.9 Million Ethereum Loss</a><br></p>
<p class="p1" style="text-align: justify">The liquidity protocol Lena Network’s Candy token suffered a loss of over 87% in value following a $2.9 million loss in 753 <a href="https://coin-turk.com/btc-ve-eth-ne-zaman-yukselecek" data-wpel-link="internal">Ethereum</a> just as the protocol was made available to users. According to Dexscreener data, the <strong>Candy token</strong> fell from its daily high of $3.08 to $0.38, an 87% decrease.</p> 
<h2 class="p1" style="text-align: justify" id="what-happened-at-lena-network">What Happened at Lena Network?</h2> 
<p class="p1" style="text-align: justify">According to <strong>Etherscan</strong>, the Candy token began to fall after blockchain data showed that on March 6, the Lena Network distributor address transferred 753.11 <a href="https://en.coin-turk.com/strategic-moves-of-an-ethereum-whale-in-a-volatile-market/" data-wpel-link="internal">Ethereum</a> to an address associated with the OKX exchange. This transfer occurred just hours before Lena Network announced on a March 6 post that it had officially renounced ownership of the token contract. The protocol team had not yet responded to the incident at the time of publication.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-323916 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/candy.webp" alt="" width="1339" height="515"></p> 
<p class="p1" style="text-align: justify">According to an announcement related to the protocol, Lena Network raised over 850 Ethereum worth a total of $3.2 million for the Candy initial farm offering, which ended on March 3. The Candy token was launched on March 6, before experiencing a sharp decline, but these developments continue to raise concerns about the token.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-323917 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/lena-twitter.webp" alt="" width="677" height="855"></p> 
<h2 class="p1" style="text-align: justify" id="fraud-incidents-in-the-crypto-market">Fraud Incidents in the Crypto Market</h2> 
<p class="p1" style="text-align: justify">Rug-pull and hacking incidents are an increasing concern in the crypto space. According to a research report published by blockchain security firm Immunefi on February 29, over $200 million in crypto assets have been lost to hacks and rug-pull scams in 32 separate incidents to date in 2024.</p> 
<p class="p1" style="text-align: justify">The loss of over $200 million since the beginning of the year represents a 15.4% increase compared to January and February 2023, when $173 million in crypto assets were stolen. In February alone, over $67 million in crypto was stolen in 12 specific hack and scam incidents, which is about a 50% decrease compared to January, when $133 million worth of cryptocurrency was stolen.</p> 
<p class="p1" style="text-align: justify">According to a report by <strong>Immunefi</strong> dated December 28, 2023, a total of $1.8 billion was lost to crypto hacks and scams in 2023, with 17% attributed to the North Korea-based Lazarus Group. These incidents in the crypto market are causing many investors to experience fear and concern about the cryptocurrency market.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/lena-networks-candy-token-plunges-after-2-9-million-ethereum-loss/" data-wpel-link="internal">Lena Network’s Candy Token Plunges After $2.9 Million Ethereum Loss</a></h5>

Lena Network’s Candy Token Plunges After $2.9 Million Ethereum Loss

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