Kannagi Finance
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anchored·3wV1eZ…SreASummary
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
2 entities · 5 linked investigations- Kannagi Finance→mentioned with→EraLend(65%)
Connected Through
2 shared actors · 5 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □EraLendorganization
- ⌂Kannagi Financeprotocolalso in
Timeline(7 events)
6 June 2023
SolidProof completes audit of the Kannagi Finance ERC-20 token contract. The audit scope excludes the Vault contracts.
Halborn (citing SolidProof)June 2023
SourceHat (formerly Solidity Finance) audits the Kannagi Finance ERC-4626 Vault contract, flagging centralization risks but issuing an overall PASS rating.
SourceHat audit reportJuly 2023
Kannagi Finance launches on zkSync Era as a decentralized yield aggregator, accumulating approximately $2.13 million in TVL within weeks.
crypto.news25 July 2023
EraLend, a separate zkSync Era lending protocol, is exploited for $3.4 million, marking the start of a turbulent week for the network.
BeInCrypto29 July 2023
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 Great30 July 2023
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.net30 July 2023
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
- slot 424313942 · hash GCaC6TBmEsfeDJK2ZbNouSb95DoAtcKPwHcTTuHMbPBL
- slot 424313935 · hash AegZTrBdwaHQsDjeUVCxhAyJvUYVd9dRZVWrH29pHUXC
- slot 423640302 · hash AhFujeKpSmp6dn4Thtxa3rBnhMZQ7pj4E8bC4wG9BoJi
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 10 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:48:12 PM
last updated: 6/1/2026, 5:48:12 PM
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