Kannagi Finance's TVL drops to $0.17 in apparent rug pull

Security • July 29, 2023, 4:38AM EDT
Published 1 minute earlier on
UPDATED: July 29, 2023, 4:41AM EDT
The Block

Quick Take

  • Decentralized yield aggregator Kannagi Finance appears to have rug pulled for over $2 million.
  • SolidProof completed the project’s audit in June.

Kannagi Finance's official website appears to have expired in what many allege is a rug pull. 

The decentralized yield aggregator's total value locked has dropped from $2.13 million to $0.17, according to data from DeFiLlama. 

The project also seemingly deleted its social media accounts.

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German blockchain security firm SolidProof completed Kannagi Finance's audit on June 6. SolidProof did not immediately respond to a request for comment.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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