Kannagi Finance
Summary
Kannagi Finance was a decentralized yield aggregator launched on zkSync Era in June 2023. On July 29, 2023, its anonymous team executed an exit scam, draining approximately $2.13 million in user deposits and deleting all online presence. The incident is considered the first major rug pull on the zkSync Era network, with at least $1.1 million subsequently routed through the Tornado Cash mixer.
Connected Entities
1 entities · 10 linked investigationsConnected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ⌂Kannagi Financeprotocolalso inKannagi Finance·3
Timeline(7 events)
2023-06-06
SolidProof completes audit of the Kannagi Finance ERC-20 token contract. The audit scope excludes the Vault contracts.
Halborn (citing SolidProof)2023-06-01
SourceHat (formerly Solidity Finance) audits the Kannagi Finance ERC-4626 Vault contract, flagging centralization risks but issuing an overall PASS rating.
SourceHat audit report2023-07-01
Kannagi Finance launches on zkSync Era as a decentralized yield aggregator, accumulating approximately $2.13 million in TVL within weeks.
crypto.news2023-07-25
EraLend, a separate zkSync Era lending protocol, is exploited for $3.4 million, marking the start of a turbulent week for the network.
BeInCrypto2023-07-29
Kannagi Finance team drains approximately $2.13 million in user deposits from the protocol, reducing TVL to $0.17. The project's website, Twitter/X account, and GitHub repositories are deleted.
Web3 Is Going Great2023-07-30
MistTrack identifies that 600 ETH (approximately $1.1 million) from the Kannagi rug pull has been deposited into the Tornado Cash mixer. The scammer address 0x95ec03b821f164ce55cbb26f23f591a9bd40d6c1 is identified.
Coincu / CryptoNews.net2023-07-30
SolidProof issues a public statement clarifying that its audit did not cover the Vault contracts involved in the rug pull, and announces a joint investigation task force with Kyber Network.
ChainCatcher / SolidProof on XDecision Log
- hash: AhFujeKpSmp6dn4Thtxa3rBnhMZQ7pj4E8bC4wG9BoJi
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:48:12 PM
last updated: 6/1/2026, 5:48:15 PM
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