Lena Network Denies Rug Pull, Abandoning Token Contract Ownership Does Not Mean Project Termination
In response to the rumors of a Rug Pull yesterday, liquidity protocol Lena Network issued a statement clarifying: “There are multiple reasons why we sent the fundraising funds to OKX, including converting the IFOs ETH into USDT. This was a necessary step as the operation and automated market maker (AMM) pools of LENA operate based on USDT. We chose this method instead of on-chain transfers to avoid high gas fees and trading slippage, ensuring efficient utilization of funds and effective financial management. These funds are primarily used for the projects future development, including development costs, marketing, token listing fees, and liquidity.” In response to community feedback, we are taking further steps to transfer the funds back to cold wallets to protect their security. Additionally, we want to clarify that after the end of the private sale round, we transferred 100 ETH to OKX, not expecting such a strong community reaction. Addressing the controversy surrounding relinquishing ownership of the token contract, Lena stated: “Based on community feedback, we originally planned to relinquish ownership of the token contract to prevent any new minting and to assure the community of our commitment to decentralization and security. However, we were reminded that ownership of the