• 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.
• Total value locked (TVL) has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.

Kannagi Finance Rugpulls

Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly rugpulled with users losses amounting to $2.13 million. Protocol’s social media channels have been deleted or are unaccessible and KANA token has nosedived by 99%. Total value locked (TVL) has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.

Audit Done by SolidProof

Kannagi Finance completed the audit of SolidProof on June 6 which is an audit agency under Germany-based Make Network. However its smart contract code remained closed-source and unverified. A statement from SolidProof acknowledges the incident and say they are “thoroughly investigate the situation” but they haven’t audited Vault contracts for the reported incident as it was not registered security provider’s top priority to assist in resolving this issue transparently .

Social Media Channels Unavailable

The protocol’s official website has allegedly “expired” and its social media channels including official Twitter account are inaccessible due to rugpulling incident .

Make Network Partners

Make Network’s partners include PinkSale, BitMart, UNCX Network etc who also suffered due to this incident as their name were associated with Solidproof .

Investigation Process

Investigations are going on in order to identify and address any issues related to the reported incident so that all stakeholders can move forward positively with best possible outcomes .

Von admin