$CANDY Token Falls Over 80%, Crashes 87% After $2.9M Rug Pull

The LENA Network, a liquidity protocol that had previously raised over 800 ETH, experienced a significant drop in the value of its $CANDY token, losing over 95% of its value and falling over 80% less than half a day after the token's launch. This dramatic decrease in value was attributed to a rug pull involving the transfer of 753 ETH, approximately $2.9 million, to the OKX exchange on Mar 6, 2:30 am UTC. The $CANDY token's price plummeted to $0.38, marking an 87% crash amid these events. LENA Network's actions, including the creation of a Uniswap v3 pool followed by the immediate dumping of 9 ETH directly from its deployer, have raised concerns. The network cited strategic partners and investors such as DWF Labs, Alchemy Pay among others.