Kannagi Finance had roughly $2.13 million in TVL as of Friday but malicious actors drained all of those funds in a matter of hours.
This event occurred less than 2 months after the aggregator protocol’s audit by the SolidProof audit agency.Bad news especially related to rugpulls tend to have a negative impact on user sentiment. As a result, many investors withdraw their funds due to the FUD associated with such events. But is that the case for ZkSync Era? Well, its
peaked at $193.9 million on 17 July but it has since dropped to its $163.91 million TVL at press time.It was worth noting that the observed TVL decline started days before the rugpull. This means there is a significant possibility that we might see extended TVL outflows. However, initial reports suggest that the incident was isolated to Kannagi Finance.
Now that we have assessed the TVL, it is clear that the potential impact will be limited especially if contained to just Kannagi Finance. The latter’s TVL represents a small proportion compared to the overall ZkSync ERA TVL.if it was available but it is not. However, it does appear that the incident had a massive impact on Kannagi Finance’s native token KANA. The latter traded as high as $0.022 at its highest point in the last 4 weeks. This was earlier in the first week of July.
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