Lena Network’s Candy Token Drops 87% After $2.9 Million Carpet Drag
Recently launched liquidity protocol Lina Network's Candy Token protocol has fallen over 87% after a mat of $2.9 million worth of 753 Ether was damaged at the time of publication.
The Candy token fell by 87% to $0.38 at 12:48 am UTC, from the daily high of $3.08, recorded at 5:45 am UTC, according to Dexscreener data.
Candy token on-chain data shows that Lena Network distributor address transferred 753.11 ETH, about $2.9 million, to an address associated with the OKX exchange, on March 6, 2:30 am UTC, as reported by Etherscan.
The carpet-pulling came just hours before Lena Networks officially announced that it was canceling ownership of its token contract, in a March 6 X post. The protocol had not responded to the incident at the time of writing.
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Lina Network raised a total of over 850 ETH ($3.2 million) for the Candy Initial Farm Offering (IFO), which ended on March 3, according to the protocol's announcement. The Candy token went live earlier today, March 6th, and has only seen a significant decline.
Carpet dragging and hacking is a serious issue in the crypto space. More than $200 million worth of cryptocurrency has been hacked and wiped out in 32 separate incidents year-to-date (YTD) in 2024, according to a Feb. 29 research report by blockchain security firm Immunefi.
The loss of over $200 million YTD represents a 15.4% increase compared to January and February 2023, when $173 million in digital assets were stolen.
In February, more than $67 million worth of crypto was stolen in 12 separate hacking and fraud incidents. This represents a nearly 50% decrease from January, when $133 million in stolen crypto was recorded.
In the year According to a December 28 report by Immunefi, $1.8 billion will be lost to crypto hackers and fraudsters in 2023, of which 17% can be attributed to the North Korean Lazar group.
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