The developers of Kannagi Finance (KANA), a new revenue aggregator protocol in the zkSync layer 2 solution, disappeared along with their investors' funds as a result of a classic rug pull scam.
Kannagi Finance claimed it's a “next generation yield farming protocol” that leverages zkSync's scalability and low fees to deliver high returns to its users.
Kannagi Finance (KANA) Was Recently Audited by an Independent Firm
The protocol had completed the audit conducted by SolidProof, a Germany-based audit firm, on 6 June. After the audit, it launched its native token, KANA.
It partners with various projects in the cryptocurrency space such as SolidProof, PinkSale, BitMart, UNCX Network and others.
However, the audit failed to prevent Kannagi Finance from committing rug pull scams against its investors. According to Etherscan, the protocol drained the liquidity pools and transferred the funds to an unknown address. The KANA token price has lost 99% of its value, dropping from around $0.0070 to $0.000006026 at the time of this writing.
In addition, the official website of the project is no longer accessible.
*Not investment advice.
