Solana’s Protocol Luna Yield Goes Dark With $6.7 Million In Crypto

Solana’s protocol Luna yield goes dark with $6.7 million in crypto of the investors’ funds as we are reading more in our latest altcoin news today.

The DeFi yield aggregator Luna Yield baited investors with high yields promises. Solana’s protocol Luna yield went dark after taking off with $6.7 million worth in crypto and SolPAD the platform that launched it, finalized its compensation plan for everyone affected. The investors in the Luna Yield aggregator fear that the developers of the project ran off with about $6.7 million in customer funds two days after launching.

Update on the compensation plan:

After internal discussion within Solpad Foundation, we have finalized the compensation plan for Luna Yield IDO participants.

— SolPAD (@FinanceSolpad) August 21, 2021

The anonymous source said that Luna Yield developers made off with approximately $6.7 million in crypto via the Solana address which deployed the original Luna Yield contract so the project’s website is now offline and the social media presence erased. The address signed multiple transactions bigger amounts of WETH, WBTC, LUNY, and USDT to be transferred into a Tornado wallet. Luna yield launched on Tuesday through a multichain Solana-powered fundraising platform SolPAD and was its second IDO after solstarted and after the initial dex offering, is when teh blockchain project sells a new cryptocurrency in the case LUNY on a decentralized exchange to raise money.

tinfoil hat and 🧐

— hoakegani (@hoaktrades) August 19, 2021

Following the blackout of the Luna Yield’s social media channels, about 200 investors got together on Telegram and vented their frustration in the Yield Rug Pull Telegram channel. The rug pull is a crypto exit scam and it often happens when a newly-launched decentralized finance project runs off with the investors’ funds and the scam projects promise high yields to bait the investors. SolPAD became responsive quickly on the channels and the spokesperson on Telegram said the platform was collecting proof of Luna’s alleged rug pull that could make an enormous impact on investors and the community. SolPAD said that it will compensate the IDO participants in US dollar stablecoin USDC with a value equal to 60% of the purchased amount.

As recently reported, Having entered the top ten cryptos by market cap this week, Solana set a new ATH over the past few days including today so the SOL token set an ATH of $78.63 in the early hours this morning according to the data by Nomics. Solana’s price retreated a little and now it sits at $78.17 but this still represents an overnight increase of 8.91% as the SOL price was under $40 at the start of the week which means in the last fortnight SOL was blown away by 100%.