zkSync Period protocol Kannagi Finance rugpulls, customers lose thousands and thousands

• Kannagi Finance has reportedly rugpulled, with customers losses amounting to $2.13 million.
• Protocol’s social media channels have been deleted or are unaccessible.
• KANA token has nosedived, plunging by 99% after the incident.

Kannagi Finance, a income aggregator protocol on zkSync Period, has reportedly rugpulled. Customers have suffered main losses, whereas the value of the native token KANA has nosedived.

The protocol’s official web site has allegedly “expired”. In the meantime, its social media channels, together with the official Twitter account are inaccessible. Whole worth locked (TVL) has plummeted from $2.13 million on Friday to close zero this morning, placing customers losses at over $2 million.

TVL plunged to close zero

Kannagi Finance is alleged to have had its audit on June 6, dealt with by SolidProof, an audit company below Germany-based Make Community. Nonetheless, the protocol’s sensible contract code remained closed-source and unverified.

 “The zkSync Period income aggregator protocol Kannagi Finance has RugPulled, and its official web site have expired. The TVL of Kannagi Finance was $2.13 million yesterday, and the present TVL has nearly returned to zero, so the estimated consumer loss is $2.13m.  The Kannagi Finance contract code is just not open supply verified,” Wu Blockchain reported earlier Saturday.

Kannagi Finance accomplished the audit of SolidProof on June 6. SolidProof is an audit company below the German firm Make Community, established in Could 2020, and its companions embrace PinkSale, BitMart, UNCX Community, and so on. https://t.co/6t0uljmmjn

— Wu Blockchain (@WuBlockchain) July 29, 2023

An announcement from SolidProof acknowledges the incident and say they’re “completely examine the state of affairs.” Nonetheless, they’ve identified that the platform, which has labored with BitMart, PinkSale and UNCX, didn’t audit the Vault contracts for the reported incident.

“Nonetheless, as a registered safety supplier, our prime precedence is to help in resolving this situation promptly and transparently,” the assertion learn.

🚨 Kannagi Finance Assertion 🚨

Pricey Traders and neighborhood,

We want to tackle the latest incident involving KannagiFinance. SolidProof has fashioned a job pressure in collaboration with @KyberNetwork to completely examine the state of affairs.

We perceive the severity of…

— SolidProof.io Official (@SolidProof_io) July 29, 2023

Following the incident, Kannagi Finance’s native token KANA plunged 99% to close zero.