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

The Lena Network’s Candy token witnessed an 87% drop in value following allegations that the team had absconded with $2.9 million from investors in a rug pull.

Developers allegedly siphoned $2.9 million within hours of the Candy token’s launch, resulting in an 87% depreciation in its value.

Just hours after its introduction, Lena Network’s recently initiated liquidity protocol, the Candy token, nosedived by 87% following reports of a $2.9 million theft from investors during a rug pull.

Within 7 hours, the Candy token plummeted from a peak of $3.08 to $0.38, reflecting an 87% plunge, as indicated by data sourced from Dexscreener.

According to Etherscan data, the Lena Network deployer’s associated address transferred 753.11 Ether to an OKX exchange-affiliated address on March 6, at 2:30 am.

The project, in a post on X, declared it had relinquished ownership of the token contract hours before the rug pull. As of the time of publication, Lena Network had not addressed the incident.

IFO has ended 🎉
 
In 4 days, we raised 850+ ETH from our fair launch!

CANDY is a key resource to our ecosystem and we’re excited to have onboarded new members to help us push the meta together🤝

Details on TGE timeline to be released in the coming week ✨️ pic.twitter.com/8x9lu0x0J2

— LENA ⚡ IFO Launching (@LENA_Network) March 3, 2024

As per the protocol’s announcement, Lena Network amassed over 850 ETH, equivalent to more than $3.2 million, for its IFO, which concluded on March 3.

The Candy token, which experienced a sharp price decline, was launched on March 6.

In the realm of cryptocurrencies, rug pulls and hacks are increasingly alarming. A recent study by Immunefi, a blockchain security company, revealed that as of February 29, 2024, over $200 million in cryptocurrency had been lost due to 32 separate incidents, highlighting the pressing issue.

The losses incurred in the first two months of 2024 surpassed those during the same period of 2023 by 15.4%, when $173 million of digital assets were stolen.

In February, 12 distinct incidents of hacking and fraud resulted in the loss of over $67 million worth of crypto.

While January witnessed thefts amounting to $133 million, the figure dropped to $67 million in February, marking a 47% decrease.

The Immunefi report estimates that $1.8 billion of crypto was stolen in 2023, with 17% of that attributed to the North Korean Lazarus Group.

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