The native token of NFT-based liquidity protocol LENA Network suffered significant losses after a suspicious transfer shortly after its launch.
LENA Network recently released its native token LENA to the market. Shortly after the token launch, the project experienced a roughly 80% drop in value in just half a day.
This drop was attributed to a transfer from the team’s distribution wallet. On-chain data shows that the distribution wallet transferred 753 Ethereum worth $2.9 million to the crypto exchange OKX. Following this transaction, investors withdrew their liquidity from LENA Network and substantial sales were seen for the token.
In a previous statement, LENA Network had mentioned prominent actors among its strategic partners and investors, including major market maker DWF Labs, crypto-focused payment service provider Alchemy Pay, and Draper Dragon.
