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Solana-Based Defi Protocol Luna Yield Reportedly ‘Rug Pulls’ Investors, $6.7 Million Taken

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A decentralized finance (defi) project that utilizes the Solana blockchain called Luna Yield has allegedly committed a “rug pull,” according to various individuals on social media. Reports indicate that the investors who put funds into the project lost an estimated $6.7 million according to an “anonymous source.”

Luna Yield Creators Reportedly Dip Off With $6.7 Million in Funds, Solpad Platform Promises Compensation to IDO Participants

The world of defi has reportedly seen another rug pull but this time in the Solana blockchain ecosystem, according to numerous reports. Solana’s website that had a page dedicated to describing the Luna Yield decentralized exchange (dex) aggregator protocol now shows a 404 error. The aggregator project promised high yields and then suddenly the platform went dark and users could not access the funds locked into the dex aggregator.

The Luna Yield team was anonymous and the project developers allegedly got away with $6.7 million in tokens. Coindesk reporter Sebastian Sinclair details he was told by an “anonymous source” that “$6.7 million in assets had been taken.” Furthermore, Sinclair insisted that the team verified the amount via the “SOL scan block explorer.” On various channels like Twitter, discussions concerning the subject are littered across social media.

The platform that helped launch the Luna Yield IDO, Solpad detailed that the project would help compensate IDO participants who were affected. “After internal discussion within Solpad Foundation, we have finalized the compensation plan for Luna Yield IDO participants,” the team tweeted. “We will sort out the list and directly [distribute] the compensation into the participant’s wallet (the same wallet that joined the IDO on August 16th. We will compensate users in USDC, with a value equal to 60% of the purchased amount.”

The official Solpad Twitter account further 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.

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Critics Warn Other Chains Like Cardano, Solana Daily Hopes Project Staves Off More Rug Pulls

The Luna Yield website has been taken down by the creators it seems and archive.org has crawled the platform on various occasions, but has had a hard time showing the site. On Twitter, one individual said that once Cardano upgrades to Alonzo Purple, it too could see a rug pull like Solana (SOL) has seen this week.

“The rug pull that recently occurred in the Solana ecosystem from Luna Yield is something I can see happening in the Cardano ecosystem literally days to weeks after Alonzo if proper scrutiny isn’t exercised by the community involved,” the individual said. “Good tech isn’t immune to stupidity.”

The Twitter account Solana Daily told its 28,700 followers about the rug pull on August 20. “Rug pull on Solana,” Solana Daily detailed. “Yesterday, [Solpad] announced that their second IDO of Luna Yield went wrong, when the dev team of the project decided to shut down all the social media and withdraw the liquidity. Hope that no more rug pulls appear [in] our ecosystem.”

While SOL is up 66% in seven days after the news went viral on social media, the price of SOL dipped by 1.8% against the U.S. dollar and down 3.8% against bitcoin (BTC).

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Bitcoin Exchange Mybitstore recognizes the opportunity crypto offers Africa

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Bitcoin Exchange Mybitstore Mybitstore, is one company that recognizes cryptocurrency’s opportunity for Africa as a trading and exchange medium and offers P2P as well as buying and selling cryptos in Ghana, Nigeria, Kenya, Uganda, South Africa, and Tanzania.

Cryptocurrency has been making global waves as a decentralized, digital asset operating on a peer-to-peer network. This technology has the potential to revolutionize the financial sector by offering a more secure, transparent, and accessible alternative to traditional finance.

The company sees the potential and the opportunity for cryptocurrency to bring financial services to the many underserved populations in Africa, increasing financial inclusion and bridging the gap between the unbanked and the financial world.

Bitcoin in Africa with Bitcoin Exchange Mybitstore

Bitcoin Exchange Mybitstore recognizes the opportunity crypto offers Africa – Crypto DeFinance

In many African countries, traditional banking services are either inaccessible or too expensive for the majority of the population. This leaves a large portion of the population without access to financial services, making it difficult for them to participate in the formal economy. Cryptocurrency offers a solution to this problem by providing a decentralized, digital alternative that is accessible to anyone with a smartphone and an internet connection.

By offering a platform for buying, selling, and storing cryptocurrency, Mybitstore is helping to make it easier for people in Africa to participate in the cryptocurrency market. This, in turn, opens up new financial opportunities for these individuals and helps to promote financial inclusion in Africa.

Another key benefit of cryptocurrency is its security. Transactions are recorded on a public ledger, making it nearly impossible for fraud or counterfeiting to occur. This level of security is especially important in countries with weak financial systems and high levels of corruption.

Despite its potential, cryptocurrency is still in its early stages of development and adoption in Africa. However, with the crypto start-ups sprouting across borders would help to drive this change by providing a platform for individuals to easily participate in the cryptocurrency market. As more people in Africa become aware of the benefits of cryptocurrency, it is likely that the adoption of this technology will continue to grow.

Mybitstore as an exchange platform recognizes the significant opportunity that cryptocurrency offers to Africa. The platform offer crypto trades in buying, storing and selling and also make it possible to connect your local bank accounts and mobile wallers. As the adoption of cryptocurrency continues to grow in Africa, it will be interesting to see how it will continue to shape the future of finance on the continent.

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LedgerFi’s ($LFT) Token Pre-sale: More than 8% sold out in less than 30 min on XDC Sale

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LedgerFi, a leading decentralized web 3.0 secure communication platform built on the XDC Network, is excited to announce that their token sale will commence on March 14th, 2021 on XDC Sale. The token sale will offer investors the opportunity to purchase the native $LFT tokens of LedgerFi and join an innovative ecosystem of Decentralized Communication Service integrated with Decentralized Finance for enabling the seamless exchange of digital assets through a unified platform. 

LedgerFi has envisioned to become the world’s first Decentralized Digital Asset Exchange (DDAX) platform through which users can transfer all types of digital assets with a military grade security, cryptographic encryption, privacy and prevention from cyber attacks using the power of Blockchain technology.

LedgerFi is a one-stop-shop for DeFi users that provides access to various communication protocols and services in the industry such as Ledger Mail which is already live in the market and it has 750K users exchanging 2M+ emails,and upcoming products like

  • Ledger Chat: The Decentralized Instant Messaging Solution enabling users to instantly chat with peers without worrying about centralized governance. LedgerChat allows users to seamlessly communicate with each other without compromising their Digital Identity & Data Sovereignty. It’s in beta at the moment.
  • Ledger Live: The Decentralized Audio & Video Call Platform allows individuals & businesses to connect with each other in real-time. The centralized access point utilized in conventional VoIP solutions is eliminated with blockchain based communication technologies. Eliminating the hassle of handling centralized, cumbersome & hackable legacy platforms with the high-performing next-gen solution. Instead, a blockchain based communication system sends the signal from the calling party to a receiving number, which is then replaced by a dispersed network shared by all network users.
  • Ledger Pay: The Decentralized Cross-Border Remittance platform providing human-readable, interoperable & lightning-fast payment transfer capabilities for financial inclusion of the unbanked individuals.
  • Ledger Mint: Metaverse Interconnected NFT Transfer Hyper-personalized social connectivity for transferring, exchanging & showcasing NFTs and other digital assets through an interactive & interconnected platform.

Token Sale Details

  • Presale Address: 0x7db6AaF98bDFE47f197a3b1bbC3Cfe6CB0f302c4
  • Token Address: 0x65d358C56Ff2E64C007060D5D4dF308986734f5C
  • Total Supply: 400,000,000 LFT
  • Soft Cap: 7,500,000 XDC
  • Hard Cap:15,000,000.0 XDC
  • IDO Rate: 1.5 LFT per XDC
  • Listing Rate: 1.0 LFT per XDC
  • Liquidity %: 51
  • Min Contribution: 4,000 XDC
  • Max Contribution: 400,000 XDC
  • IDO Start Time: 14 Mar 2023, 19:30
  • IDO End Time: 05 Apr 2023
  • Liquidity Unlock Date: 05 May 2023

About LedgerFi

LedgerFi provides a web 3.0 communication service built on blockchain technology for secure communication through email, chat & payment applications. LedgerFi provides blockchain based Decentralised communication service & Decentralised Digital Assets Exchange for secure communication.

Media contact

ZEX PR WIRE

ag@zexprwire.com

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Terra Casino That Could Burn 24 Billion LUNC within 6 Months Goes Live

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Terra Casino, an online bookie dedicated to burning LUNC tokens, has been launched. Although the transparency of Bookie’s LUNC Burn is still a thing of concern within the Terra Classic community, it has the capability of burning about 24 billion LUNC within six months. The new development was announced via the official Twitter handle of […]

The post Terra Casino That Could Burn 24 Billion LUNC within 6 Months Goes Live appeared first on Times Tabloid.

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