Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SLOT
  • CASINO
  • SPORTSBET
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SLOT
  • CASINO
  • SPORTSBET
  • SUBMIT
Crypto Flexs
Home»TRADING NEWS»LENX Protocol Faces Rug-Pull Allegations Amid Mysterious Transactions
TRADING NEWS

LENX Protocol Faces Rug-Pull Allegations Amid Mysterious Transactions

By Crypto FlexsMarch 31, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
LENX Protocol Faces Rug-Pull Allegations Amid Mysterious Transactions
Share
Facebook Twitter LinkedIn Pinterest Email

Concerns have emerged within the LENX community about a potential “slow rug pulling” as the unexplained transfer of financial assets worth millions of dollars has raised suspicions.

Mysterious withdrawal trigger alarm

Rumors have been swirling on social media about possible misconduct by liquidity protocol LENX. Reports that founders had transferred significant tokens to their Binance accounts without a clear explanation led to speculation that the rug would slowly be pulled out.

Founder under investigation

Founders John Kim and an individual named Paul have been at the center of controversy for allegedly moving more than $10 million from LENX’s funds. The lack of post-transaction communication further added to community concerns, with users reporting their inquiries being deleted from Discord.

Breaking news 🚨@LENX_Finance‘s founder (John Kim) is said to have tricked the team into stealing over $10,000,000 in funds and transferring them to Binance.@fraxfinance He was criticized and his identity became known to the public. We need your participation to handle this case… https://t.co/7qShTX8JUh

— AstroBoy🔮🉐 (@fevrdad) March 27, 2024

Impact on the market value of LENX

LENX has promised innovative monetization using native Bitcoin since its launch in January 2024. However, the value of its native token, LENX XD (XD), plummeted from $0.26 to $0.02, reflecting growing uncertainty about the protocol.

Community member 0xg4m813 points out issues with the protocol during the ongoing debate over fund transfers. Source: LENX’s Discord

Response and Investigation

Attempts to contact the co-founders of LENX Finance and associated lending protocol FRAX Finance were met with sparse response. While co-founder Kim has remained silent, Paul has indicated that he will launch an investigation into suspicious transactions.

asset protection measures

According to a report on the LENX Discord server, efforts to freeze the Binance accounts involved successfully protected $3 million. In particular, a legal investigation is underway regarding Mr. Kim’s actions, and Paul is known to have cooperated with it.

The broader context of cryptocurrency fraud

This incident highlights the growing prevalence of cryptocurrency-related investment fraud, and the FBI noted a significant increase in losses from such fraud in the United States, emphasizing the need for vigilance in the cryptocurrency investment environment.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The reason why hyper clicade wins aster with Perp DEX, which can be most invested.

October 3, 2025

Pioneer the future of digital innovation throughout Web2 and Web3

October 2, 2025

The reason why the parliament failed to pass the financing bill

October 1, 2025
Add A Comment

Comments are closed.

Recent Posts

Free bitcoin.in app withdrawal request My satoshi

October 3, 2025

If this happens, you can see a huge price of $ 1.9.

October 3, 2025

Lombard Liquid Bitcoin Summary Summary

October 3, 2025

Easily Earn $5588+ In Passive Income Every Day With PlanMining Cloud Mining

October 3, 2025

The reason why hyper clicade wins aster with Perp DEX, which can be most invested.

October 3, 2025

Psy Protocol Testnet Combines Internet Scale And Speed With Bitcoin-Level Security

October 2, 2025

Eightco Holdings Inc. ($ORBS) Expands Investor Access With Options Trading

October 2, 2025

How To Use A Bitcoin Heatmap For Smarter Trading Decisions

October 2, 2025

Pioneer the future of digital innovation throughout Web2 and Web3

October 2, 2025

Codego Launches Whitelabel Devices Bringing Tokens Into Daily Life

October 2, 2025

Ethereum Future is an execution of stablecoins and tokenized assets -then you need to know:

October 2, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Free bitcoin.in app withdrawal request My satoshi

October 3, 2025

If this happens, you can see a huge price of $ 1.9.

October 3, 2025

Lombard Liquid Bitcoin Summary Summary

October 3, 2025
Most Popular

10 reasons why people choose jk-analytics.com for online trading

June 8, 2024

CBDC and cryptocurrencies should coexist, not compete — CoinDCX Co-Founder

October 27, 2024

Lost Bitcoin – Recover your stolen cryptocurrency

January 24, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.