{"id":11386,"date":"2024-03-07T14:03:02","date_gmt":"2024-03-07T12:03:02","guid":{"rendered":"https:\/\/forklog.com\/en\/lena-network-denies-2-9-million-rug-pull-allegations\/"},"modified":"2024-03-07T14:03:02","modified_gmt":"2024-03-07T12:03:02","slug":"lena-network-denies-2-9-million-rug-pull-allegations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/lena-network-denies-2-9-million-rug-pull-allegations\/","title":{"rendered":"Lena Network Denies $2.9 Million Rug Pull Allegations"},"content":{"rendered":"<p>The price of the recently launched Candy token plummeted by 87% following an alleged <span data-descr=\"the practice of inflating the value of a created token in a liquidity pool and then abruptly withdrawing funds, leaving other pool participants with devalued assets\" class=\"old_tooltip\">rug pull<\/span> by the developers.\u00a0<\/p>\n<p>According to <a href=\"https:\/\/etherscan.io\/tx\/0xfa3f16f83bb3b6773b68c297687f017ff7918fa211bd2defd0fe3311d441b663\">Etherscan<\/a> data, on March 6 at 02:30 UTC (04:30 Kyiv\/05:30 MSK), the deployment address of the Lena Network liquidity protocol transferred 753.11 ETH, valued at approximately $2.9 million, to the OKX exchange.<\/p>\n<p>This led to a sharp drop in the Candy price from a high of $3.08 to $0.38.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/xPipJkwC9BnqbEr-GbVimMYEC8fnr-O7PqlsF7L9VqvTC2pQ-GlEMuvkh79ukN_reABXgdWKDbWJA9DAzrdEnCedq2-rlKm8dGb8wyzDipvCbVh4tiSSaHfiGZuOiHRBiqxap3uoheUDIxR1SV6bcaM\" alt=\"Lena Network Denies $2.9 Million Rug Pull Allegations\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/dexscreener.com\/ethereum\/0xe7120e8bf64ba4c8219d7f662a22c80a16c170d9\">DEX Screener<\/a>.<\/figcaption><\/figure>\n<p>The incident occurred hours before Lena Network announced it was officially renouncing ownership of the token contract.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Important announcement ?<\/p>\n<p>We&#8217;ve taken a significant step forward in ensuring our project&#8217;s trust and decentralization \u2014 we&#8217;ve officially renounced ownership of our token contract.<\/p>\n<p>This move is all about fostering a safer and more community-driven environment. Making things\u2026 <a href=\"https:\/\/t.co\/hoxbpszWuR\">pic.twitter.com\/hoxbpszWuR<\/a><\/p>\n<p>\u2014 LENA \u26a1 IFO Launching (@LENA_Network) <a href=\"https:\/\/twitter.com\/LENA_Network\/status\/1765305672646951422?ref_src=twsrc%5Etfw\">March 6, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Later, the team issued a statement denying the rug pull.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">UPDATE: <a href=\"https:\/\/twitter.com\/LENA_Network?ref_src=twsrc%5Etfw\">@LENA_Network<\/a> RELEASES STATEMENT VIA THEIR MEDIUM RE: RUGPULL ACCUSATIONS<\/p>\n<p>\u2014 Funds were transferred to <a href=\"https:\/\/twitter.com\/okx?ref_src=twsrc%5Etfw\">@okx<\/a> to convert <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> to but avoid high gas fees on-chain &#8220;ensuring capital efficiency and effective treasury management&#8221;<\/p>\n<p>\u2014 LENA team took further steps to safeguard\u2026 <a href=\"https:\/\/t.co\/A5A3r1nfJt\">https:\/\/t.co\/A5A3r1nfJt<\/a><\/p>\n<p>\u2014 BSCN (@BSCNews) <a href=\"https:\/\/twitter.com\/BSCNews\/status\/1765477050205216822?ref_src=twsrc%5Etfw\">March 6, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to them, the transfer to OKX was made to convert to Ethereum with lower fees to &#8220;ensure capital efficiency and effective treasury management.&#8221;<\/p>\n<p>For the same purpose, they <a href=\"https:\/\/etherscan.io\/tx\/0x899aa17b3abc042e3900a413574e513658c22c92f9641d8ed5c9334e411b2d3b\">transferred 100 ETH<\/a> to the exchange on February 29, immediately after the private round concluded.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;To ensure immediate liquidity of post-token applications on the AMM market, we created a pool approximately 35 minutes before it was publicly announced. This was done to combat sniper bots,&#8221; the Lena Network developers stated in a comment to BSC News.<\/p>\n<\/blockquote>\n<p>They also claim to have re-pegged the CANDY price closer to its initial setting by converting tokens worth about $35,000 back into USDT and reinvesting them into the pool.<\/p>\n<p>To reassure the community, the protocol team intends to renounce ownership of the token contract, as previously announced.<\/p>\n<p>During the IFO concluded on March 3, the Lena Network team raised a total of over 850 ETH ($3.2 million).\u00a0<\/p>\n<p>Back in February, developers of RiskOnBlast, a gaming platform on the L2 Blast network, <a href=\"https:\/\/forklog.com\/en\/news\/developers-of-riskonblast-execute-1-25-million-rug-pull-in-blast-network\">withdrew<\/a> 420 ETH worth approximately $1.25 million belonging to users, shutting down the website and social media.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of the recently launched Candy token plummeted by 87% following an alleged rug pull by the developers.\u00a0 According to Etherscan data, on March 6 at 02:30 UTC (04:30 Kyiv\/05:30 MSK), the deployment address of the Lena Network liquidity protocol transferred 753.11 ETH, valued at approximately $2.9 million, to the OKX exchange. This led [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1424,1246,596],"class_list":["post-11386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-protocols","tag-scammers","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11386"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11385"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}