{"id":22595,"date":"2023-07-29T13:46:16","date_gmt":"2023-07-29T13:46:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/zksync-era-protocol-kannagi-finance-latest-crypto-rugpull\/"},"modified":"2023-07-29T13:46:16","modified_gmt":"2023-07-29T13:46:16","slug":"zksync-era-protocol-kannagi-finance-latest-crypto-rugpull","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/zksync-era-protocol-kannagi-finance-latest-crypto-rugpull\/","title":{"rendered":"zkSync Era protocol Kannagi Finance latest crypto rugpull"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690636939527-3e6485f1-1193-402a-9404-0122a8d512ae-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690636939527-3e6485f1-1193-402a-9404-0122a8d512ae-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690636939527-3e6485f1-1193-402a-9404-0122a8d512ae-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690636939527-3e6485f1-1193-402a-9404-0122a8d512ae-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Kannagi Finance has reportedly rugpulled, with users losses amounting to $2.13 million.<\/li>\n<li dir=\"ltr\">Protocol\u2019s social media channels have been deleted or are unaccessible.<\/li>\n<li dir=\"ltr\">KANA token has nosedived, plunging by 99% after the incident.<\/li>\n<\/ul>\n<p dir=\"ltr\">Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly rugpulled. Users have suffered major losses, while the price of the native token KANA has nosedived.<\/p>\n<p dir=\"ltr\">The protocol\u2019s official website has allegedly \u201cexpired\u201d. Meanwhile, its social media channels, including the official Twitter account are inaccessible. Total value locked (TVL) has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.<\/p>\n<h2 dir=\"ltr\">TVL plunged to near zero<\/h2>\n<p dir=\"ltr\">Kannagi Finance is said to have had its audit on June 6, handled by SolidProof, an audit agency under Germany-based Make Network. However, the protocol\u2019s <a href=\"https:\/\/coinjournal.net\/news\/tag\/smart-contracts\/\">smart contract<\/a> code remained closed-source and unverified.<\/p>\n<p dir=\"ltr\">\u00a0\u201c<em>The zkSync Era revenue aggregator protocol Kannagi Finance has RugPulled, and its official website have expired. The TVL of Kannagi Finance was $2.13 million yesterday, and the current TVL has almost returned to zero, so the estimated user loss is $2.13m. \u00a0The Kannagi Finance contract code is not open source verified<\/em>,\u201d Wu Blockchain reported earlier Saturday.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Kannagi Finance completed the audit of SolidProof on June 6. SolidProof is an audit agency under the German company Make Network, established in May 2020, and its partners include PinkSale, BitMart, UNCX Network, etc.  <a href=\"https:\/\/t.co\/6t0uljmmjn\">https:\/\/t.co\/6t0uljmmjn<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1685195677700407296?ref_src=twsrc%5Etfw\">July 29, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">A statement from SolidProof acknowledges the incident and say they are \u201cthoroughly investigate the situation.\u201d However, they have pointed out that the platform, which has worked with BitMart, PinkSale and UNCX, did not audit the Vault contracts for the reported incident.<\/p>\n<p dir=\"ltr\">\u201c<em>However, as a registered security provider, our top priority is to assist in resolving this issue promptly and transparently<\/em>,\u201d the <a href=\"https:\/\/twitter.com\/SolidProof_io\/status\/1685236707786969088\" rel=\"noopener noreferrer\" target=\"_blank\">statement<\/a> read.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 Kannagi Finance Statement \ud83d\udea8 <\/p>\n<p>Dear Investors and community,  <\/p>\n<p>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\">@KyberNetwork<\/a> to thoroughly investigate the situation.<\/p>\n<p>We understand the severity of\u2026<\/p>\n<p>\u2014 SolidProof.io Official (@SolidProof_io) <a href=\"https:\/\/twitter.com\/SolidProof_io\/status\/1685236707786969088?ref_src=twsrc%5Etfw\">July 29, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Following the incident, Kannagi Finance\u2019s native token KANA plunged 99% to near zero.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/zksync-era-protocol-kannagi-finance-rugpulls-users-lose-millions\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Kannagi Finance has reportedly rugpulled, with users losses amounting to $2.13 million. Protocol\u2019s social media channels have been deleted or are unaccessible. KANA token has nosedived, plunging by 99% after the incident. Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22595"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22595"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22596"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}