The Lena Network’s CANDY token experienced a significant drop in value, losing over 95% of its worth in a single day after a rug pull involving 753 Ether, equivalent to around $2.9 million.

CANDY Token Value Plummets

The value of the CANDY token plummeted more than 95%, hitting a low of $0.0068 from its daily peak of $3.08. This drastic decline came after reports emerged that the initiator of the network had transferred 753.11 Ether to a wallet linked to the OKX exchange. The transaction was recorded on Etherscan on Mar. 6.

Ownership Rights Transferred

The rug pull coincided with Lena Network announcing the transfer of ownership rights of the token contract, signaling a shift away from further development or control. The initial farm offering for CANDY successfully raised over 850 ETH, approximately $3.2 million, concluding on Mar. 3.

“We’ve taken a significant step forward in ensuring our project’s trust and decentralization – we’ve officially renounced ownership of our token contract. This move is all about fostering a safer and more community-driven environment.”

Launch and Partnerships

The token was launched on Mar. 6 but experienced an immediate decline in value. Lena Network highlighted the support from strategic partners and investors such as DWF Labs, Alchemy Pay, and Draper Dragon.

Commitment to Transparency

Despite allegations of an exit scam, Lena Network has denied such claims and emphasized its dedication to trust and transparency. The network has taken steps to increase the liquidity pool for stability within the ecosystem and has locked CANDY’s liquidity pool.

“We want to address the concerns that have arisen within our community head-on, and assure everyone that our project is built on a foundation of integrity and transparency.”

Security Challenges in the Cryptocurrency Market

This incident sheds light on the growing security challenges in the cryptocurrency market. In 2024, losses from security breaches and scams have surpassed $200 million, marking a 15.4% increase from the previous year. This rug pull comes shortly after the OrdiZK protocol was involved in an exit scam, resulting in investor losses of $1.4 million.

For more news and updates on cryptocurrency, visit Global Crypto News.

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