Kannagi Finance

CoinsPaid

zkSync

<p class="is-style-lead">Kannagi Finance, a decentralized yield aggregator, has rug pulled with an estimated $2.13 million of investor funds.&nbsp;</p> 
<p>According to the blockchain security company, Peckshield, Kannagi Finance erased its digital footprint after bolting with more than $2 million worth of investors’ funds. </p> 
<p>Its official website, along with social media and communication channels, are offline.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/rugpull?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#rugpull</a> <a href="https://twitter.com/zachxbt?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@zachxbt</a> has reported that <a href="https://twitter.com/Kannagi_Zksync?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Kannagi_Zksync</a> on <a href="https://twitter.com/hashtag/zkSync?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#zkSync</a> has rugged for over ~$1M. <a href="https://twitter.com/Kannagi_Zksync?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Kannagi_Zksync</a> already deleted its social accounts/groups.<br>The scammer's address: 0x95ec03b821f164ce55cbb26f23f591a9bd40d6c1 <a href="https://t.co/5FdyO94XZs" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/5FdyO94XZs</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1685162644653973510?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 29, 2023</a> 
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<p>A <a href="https://crypto.news/learn/what-is-a-rug-pull-in-crypto/" rel="noopener noreferrer nofollow">rug pull</a> refers to a form of scam where developers of a cryptocurrency project unexpectedly pulls liquidity from a pool, leading to sharp losses.</p> 
<p>German blockchain security firm, SolidProof, audited Kannagi’s smart contract. However, it has <a href="https://solidproof.io/blogposts/58" target="_blank" rel="noopener noreferrer nofollow">clarified</a> that it did not conduct an audit for Vault contracts related to the rug pull incident. </p> 
<p>The company has also stated that it is investigating the matter.</p> 
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   <p lang="en" dir="ltr">🚨 Kannagi Finance Statement 🚨 <br><br>Dear Investors and community, <br><br>We would like to address the recent incident involving KannagiFinance. SolidProof has formed a task force in collaboration with <a href="https://twitter.com/KyberNetwork?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@KyberNetwork</a> to thoroughly investigate the situation.<br><br>We understand the severity of…</p>— SolidProof.io Official (@SolidProof_io) <a href="https://twitter.com/SolidProof_io/status/1685236707786969088?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 29, 2023</a> 
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<p>Crypto tracking and compliance platform, MistTrack, also claims that 600 Ethereum (ETH) from the suspected Kannagi rug pull, valued at about $1.1 million, has been sent to the <a href="https://crypto.news/hacker-drops-control-over-tornado-cash-as-they-use-it-to-wash-stolen-funds/" rel="noopener noreferrer nofollow">Tornado Cash</a> crypto mixer. </p> 
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   <p lang="en" dir="ltr">Looks like funds from the Kannagi Rug was just sent to <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@TornadoCash</a>. <br><br>600 ETH (~$1.13M) was recently to TC, we'll continue to monitoring and provide update on this investigation! <a href="https://t.co/W2n8RLAK6H" target="_blank" rel="noopener noreferrer nofollow">https://t.co/W2n8RLAK6H</a> <a href="https://t.co/uwh5B1QouH" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/uwh5B1QouH</a></p>— MistTrack🕵️ (@MistTrack_io) <a href="https://twitter.com/MistTrack_io/status/1685444429325197312?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 30, 2023</a> 
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<p> You might also like: <a href="https://crypto.news/breaking-coinspaid-targeted-in-37-3-million-hack/" rel="noopener noreferrer nofollow"> CoinsPaid targeted in $37.3m hack </a> </p> 
<p>Kannagi Finance is a decentralized finance (defi) platform that automates yield farming, allowing crypto investors to earn passive income via smart contracts. </p> 
<p>It is built on the zkSync Era network, a layer 2 protocol that scales Ethereum with zero-knowledge (ZK) technology while maintaining Ethereum’s security and decentralization.</p> 
<p>According to DeFiLlama, an analytics dashboard that tracks defi platforms, as of July 28, the total value locked (TVL) in Kannagi Finance was $2.13 million. </p> 
<p>However, current records show a TVL of a mere $0.17, indicating a near 100% loss for users.</p> 
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   Kannagi Finance TVL | Source: <a href="https://defillama.com/protocol/kannagi-finance" target="_blank" rel="noopener noreferrer nofollow">DeFiLlama</a> 
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<p>This incident is the latest to affect the zkSync Era network, following the $3.4 million hack of <a href="https://en.foresightnews.pro/lending-protocol-eralend-hacked-for-more-than-2-7-millioncan-you-withdraw/" target="_blank" rel="noopener noreferrer nofollow">EraLend</a> on July 25. The EraLend exploit was the first on zkSync Era since its launch in March. </p> 
<p>The layer-2 platform is popular. At one point in June, the its TVL <a href="https://crypto.news/ethereums-zksync-era-reaches-500m-in-tvl/" rel="noopener noreferrer nofollow">surpassed</a> the $500 million mark. </p> 
<p>However, the network’s reputation seems to have suffered following the revelation of the suspected rug pull so soon after the EraLend hack. </p> 
<p>At the time of writing, zkSync Era’s TVL <a href="https://defillama.com/chain/zkSync%20Era" target="_blank" rel="noopener noreferrer nofollow">stood</a> at $154.59 million, according to DeFiLlama. The new numbers represent a more than $345 million drop from its all-time high level.</p> 
<p> Read more: <a href="https://crypto.news/us-sec-chair-says-crypto-riddled-with-fraud-and-non-compliance/" rel="noopener noreferrer nofollow"> US SEC chair says crypto riddled with fraud and non-compliance </a> </p>

zkSync Era’s Kannagi Finance rug pulls and steal $2.13m

crypto.news

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