Monat: Juli 2023

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zkSync Era protocol Kannagi Finance rugpulls, users lose millions

  • Kannagi Finance has reportedly rugpulled, with users 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 revenue aggregator protocol on zkSync Era, has reportedly rugpulled. Users have suffered major losses, while the price of the native token KANA has nosedived.

The protocol’s official website has allegedly “expired”. 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.

TVL plunged to near zero

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’s smart contract code remained closed-source and unverified.

 “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.  The Kannagi Finance contract code is not open source verified,” Wu Blockchain reported earlier Saturday.

A statement from SolidProof acknowledges the incident and say they are “thoroughly investigate the situation.” 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.

“However, as a registered security provider, our top priority is to assist in resolving this issue promptly and transparently,” the statement read.

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

The post zkSync Era protocol Kannagi Finance rugpulls, users lose millions appeared first on CoinJournal.

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Solana’s Aurory goes cross-platform with expansion to Arbitrum

  • Solana based Aurory has expanded to Arbitrum, a leading L2 for Ethereum.
  • $1 million in AURY liquidity has been added to the Arbitrum native DEX Camelot.
  • AURY price surged more than 22% to hit highs of $1.00.

Aurory, a leading NFT and gaming project in the Solana ecosystem, is seeing fresh adoption after it announced expansion to Ethereum Layer-2 protocol Arbitrum.

According to the platform, expanding to Arbitrum is all about accessibility and bringing more users to the gaming platform.

“Using SyncSpace to expand Aurory to multiple platforms allows us to tap into diverse new user bases, creating frictionless onramps for these communities, regardless of whether they are Web2, or Web3 native,” the Aurory team said.

The integration means that all of Aurory’s on-chain assets are now accessible on either Solana or Arbitrum. Users on the Arbitrum network can get AURY by depositing USDC into SyncSpace, then swapping the stablecoin for AURY.

As a native token, AURY can be used across the Aurory ecosystem. The teams announced that $1 million of AURY liquidity had been seeded on Arbitrum native DEX Camelot.

Aurory’s availability on Ethereum marks a first major milestone for the gaming platform and could be followed by more expansions to leading chains like BNB, Polygon and Avalanche. Meanwhile, experts say Aurory is one of Solana-based gaming projects likely to revolutionise the global play-to-earn (P2E) ecosystem.

AURY price outlook

The AURY price was up more than 22% in the past 24 hours at the time of writing, trading just shy of one dollar at $0.99. The intraday high was $1.00, with price up 135% in the past seven days. The cryptocurrency had a 24-hour trading volume of over $1 million, up more than 23%.

Aurory has a total supply of 100 million coins, current circulating supply of 31 million and market cap of over $30 million.

The post Solana’s Aurory goes cross-platform with expansion to Arbitrum appeared first on CoinJournal.