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Candy Token Plummets 87% After Lena Network Rug Pull – Here’s What Happened

The Candy token, recently introduced by the Lena Network, experienced a dramatic loss in value on Wednesday, following what appeared to be a rug-pull by the liquidity protocol.

According to price data obtained from Dexscreener, the token reached its peak for the day at $3.08 around 12:48 am UTC, but then plummeted to a mere $0.38 by 5:45 am UTC.

Another Crypto Rug Pull?

The token took a nosedive in response to on-chain data revealing that the deployer address of the Lena Network had transferred 753.11 ETH, equivalent to $2.9 million, to an address linked with the OKX exchange. Such deposits to exchanges typically signal an intention to sell by investors.

This amount of 753 ETH almost aligned with the 850 ETH (worth $3.2 million) previously raised by the Lena Network in its “Candy Initial Farm Offering” (IFO) disclosed last month, concluding on March 3.

Just hours before the token’s launch earlier today, Lena publicly disclaimed ownership of the Candy token contract in the spirit of “trust and decentralization.”

“This action aims to nurture a safer and more community-centric environment. It’s about setting things right as they should be,” stated Lena.

Lena’s Response

Later that day, Lena convened a follow-up X Spaces session to address the concerns of community members who felt they had been “rug-pulled” by the founders. Acknowledging the disappointment felt by users, the team admitted their mishandling of the raised capital, attributing it to their lack of experience in product launches.

“We recognize the paramount importance of transparency and trust, particularly in light of accusations questioning the legitimacy of our project or the potential for a rug pull,” the team emphasized.

In February, Lena had heralded the CANDY token as a gateway to Web 3.0 liquidity, promising holders a strategic advantage. The token holders were touted to benefit from future conversion opportunities to $LENA, thus enhancing token utility, including revenue sharing, according to a press release issued at the time.

However, data from Immunefi indicates that over $200 million in cryptocurrency has already fallen victim to hacks and scams in 2024, marking a 15.4% increase compared to 2023, primarily attributed to compromises of private keys and wallets.

“We anticipate that 2024 may witness the highest losses in Web3 history in terms of fund volume,” remarked Immunefi’s Communications Lead, Jonah Michaels.

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