A decentralized finance project based on the “Solana” blockchain escapes with investors’ money!
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Answer A decentralized finance project based on the “Solana” blockchain escapes with investors’ money!
Project Solana’s SOL cryptocurrency is the first altcoin to reach an all-time high after the May crash of this year.
The high momentum and success of the “Solana” project did not stop bad actors and scammers from exploiting the network for fraudulent purposes.
Recently, the “LUNA Yield” project team and its cryptocurrency LUNY escaped with the investors’ money, knowing that the project started in the form of an IDO on the “Solana” IPO.
The “LUNA Yield” project team escaping the investors’ money and pulling the rug out from under their feet was evident after the project’s website was closed and their accounts on all other social media platforms were deleted.
Read:Bitcoin Isn’t the Future of Finance According to Ciphrex CEO
Users tried to unblock and get their money back, but failed because the IDO protocol had already transferred money from their betting pools to the project team.
It is estimated that the project took approximately $10 million from these pools.
Further investigation showed that the approval of the transfer of funds from the fund and the pool was made by the owner, which established and confirmed the fraud theory and pulled the rug out.
Solana’s system criticized for its lack of transparency:
The Solana system is often criticized for its lack of transparency, and the recent fraud confirms this.
Solana Launchpad’s official Twitter account confirmed that they are working with developers to help users get their lost money back.
They also claimed that a third party investigation would be conducted to find the solution.
The Solana Launchpad team tweeted to comfort users and promise them to find solutions:
We are trying to find ways to support users and contact some third parties to investigate the issue.
Please be patient, and provide us with any information regarding the Luna Yield project.
Read:Web3 Foundation: The DOT digital currency is part of a program, not a security token
Thanks for your cooperation.
Luna Yield, the latest IDO on our launchpad, seems to have some problems. Luna Yield’s team has removed their website and all other social media. They also withdraw all the liquidity. SolPAD is still unable to reach Luna Yield’s team to find out what happened.
Read:The founder of Cardano is optimistic that the ADA ecosystem will receive massive inflows of transactions
– SolPAD (FinanceSolpad) August 19, 2021
The decentralized finance system has made significant progress over the past two years, but security still appears to be a growing problem.
Recently, PolyNetwork became the victim of the largest hack in the Defi arena, resulting in the theft and return of assets worth $610 million.
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