On Aug. 16, SolPad, a Solana-based launchpad, incubated the yield farm. Important Points to Remember
- Luna Yield, a newly launched high APY yield farm, has seen its first rug pull for Solana.
- Luna Yield's unknown team has since taken down their website and social media accounts.
- On Aug. 16, SolPad, a Solana-based launchpad, incubated the yield farm.
Luna Yield, a Solana-based yield farm, has carried out what appears to be the ecosystem's first large rug-pull.
$8 Million is stolen from Solana Yield Farm.
Luna Yield, a recently created high APY yield farm, has seen its first rug pull on Solana, a rapidly growing blockchain network.
The farm's developers appear to have made off with millions of dollars in investor monies. The incident was first reported on Twitter by hoakegani, a Solana developer. According to hoakegani's on-chain investigation, the team has taken around $8 million worth of crypto assets out of the Luna Yield pools.
A Solana account that signed many transactions and deployed the original contract transferred $8 million in WBTC, WETH, LUNY, and USDT tokens out of the protocol. On Aug. 16, SolPad, a Solana-based launchpad, incubated the yield farm. SolPad claims to have helped the scammers raise $100,000 by facilitating the sale of LUNY tokens.
On Twitter, Solpad confirmed the exit fraud, stating it was "sorry for any inconvenience." The Luna Yield team's name and IP addresses could not be traced, according to SolPad.
Luna Yield's unknown team has since taken down their website and social media accounts.
SolPad announced a compensation plan using its Foundation emergency reserves in response to the tragedy. The recompense, however, will only be accessible to IDO investors. SolPad's staff wrote on its Telegram account:
“Although we will not be able to recover the monies taken by Luna Yield, we will pay their SolPad IDO buyers.”
Exit scams involving blockchain-based produce farms have occurred several times in the recent year. In the crypto world, these incidents are referred to as rug pulls. Scammers have previously used high yields to entice novice investors to deposit funds on chains with low transaction costs, such as Polygon or Binance Smart Chain. Luna Yield, for example, provided an APY of up to 400 percent on the SOL-USDC pair, which drew millions of dollars from DeFi investors.
Solana, a high-performance blockchain, just reached a total value lock of $2 billion across several projects.
The Solana network could become another target for scammers due to its ultra-cheap and extremely scalable transactions, especially if projects on the platform are promoted by Solana developers. The farm was listed on the Solana website in the instance of Luna Yield, but the listing page was removed following the rug pull. To avoid similar scams, many members of the community have asked for increased care and openness in the Solana ecosystem.
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