According to different sources in social media, a decentralized financial initiative that uses the Solana blockchain named Luna Yield has reportedly committed a “rug pull.” Reports show that investors who invested money in the project had lost an estimated $6.7 million, as stated by an “anonymous source.”
According to many accounts, DeFi’s universe has experienced another fierce shot, but this time in the Solana blockchain ecosystem. There is currently a 404 error on the Solana website that features a page devoted to describing the Luna Yield decentralized exchange (dex) aggregator protocol.
The aggregator initiative promised huge returns, and then the platform abruptly faded, and consumers could not access the locked money.
Rug Pull-in Action
The Luna Yield team was unidentified, and the project creators got away in tokens worth $6.7 million.
The official SolPad Twitter account noted:
“For example, if user A bought 400 USDC of allocation in the round, he will get 400*60% = 240 USDC, airdrop directly user A wallet. The distribution will start next week, and we expect it to finish within a few days. Thank you so much for being so patient with us.”
The developers took down the website of Luna Yield. Moreover, archive.org seems to have crawled the platform many times but found it difficult to display the site. One person on Twitter has stated that Cardano upgrades to Alonzo Purple. It may also spot this week with a rug pull like Solana (SOL).
Whereas SOL has gone up 66% in seven days following news on social media. The price of SOL dropped by 1.8% to the US dollar and by 3.8% to Bitcoin (BTC).
Solana became a leader from late on and was the preferred blockchain of Sam Bankman-Fried. The millionaire who established the FTX crypto market and significantly invested in Solana-based initiatives.
