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Kannagi Finance

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[AI-DRAFTED · AWAITING VERIFICATION]

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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 investigations
Protocols
⌂Kannagi Finance
Relationships
    Also appears in
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    Connected Through

    1 shared actor · 1 investigation

    Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

    Have evidence about Kannagi Finance?

    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 report

    July 2023

    Kannagi Finance launches on zkSync Era as a decentralized yield aggregator, accumulating approximately $2.13 million in TVL within weeks.

    crypto.news

    25 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.

    BeInCrypto

    29 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 Great

    30 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.net

    30 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 X
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain10 Wayback Archives

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (3 events). 10 of 14 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 6/1/2026, 5:48:12 PM

    last updated: 7/26/2026, 2:10:30 PM

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