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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

Solana's Luna Yield Goes Dark With Some Fearing a 'Rug Pull' Involving $6.7M

SolPad had listed Luna Yield just two days prior to the incident.

Aug 20, 2021 at 1:32 a.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC

Decentralized finance protocol Luna Yield has gone offline.

Luna's website and all of its social media accounts have been taken down, according to SolPad, an initial digital offering (IDO) platform for the Solana blockchain.

Some are attributing the move offline to a rug pull. A rug pull occurs when the creators of a project take off with investors' funds. While no official confirmation has been given, the move would mark the first rug pull of its kind on Solana.

An anonymous source told CoinDesk over $6.7 million in assets had been taken. The amount has been verified by CoinDesk via the SOL scan block explorer. See below for a full list of the assets presumed stolen.

"The funds are already gone, and no way to get them back," the source said. "They moved all from sol to ether and then to the decentralized tornado cash service."

Luna was SolPAD's second IDO, which went live on Tuesday. A spokesperson for Solana declined to comment.

Solana has risen to prominence as of late and has been the blockchain of choice for billionaire Sam Bankman-Fried, who founded the FTX crypto exchange and who has invested heavily in Solana-based projects.

Solana Labs, the leading firm behind the network, raised $314 million in June.

In a SolPAD Telegram channel, the digital platform said it was "collecting proof" on Luna's rug pull, which could make an "enormous impact on investors" and its community.

SolPAD enables projects to raise capital on a decentralized platform, based on Solana.

It also said it was doing everything it could to provide proof for all related parties, particularly larger centralized exchanges so that the larger platforms can move to suspend and block funds.

"SolPAD Finance has no relation to the Luna Yield team," the platform said. "We only host IDO for projects that submitted qualified documents. SolPAD assumes no responsibility or liability for any activity by the projects that held a public sale on SolPAD.

A reward is being provided for any information that would lead to the tracking down of the Luna team.

  • SOL-USDC LP $382,648
  • LUNY-USDC LP $22,139
  • LUNY $89,504
  • USDC $1,166,959
  • RAY $463,100
  • SOL $923,239
  • ETH $1,483,732
  • USDT $1,686,679
  • YFI $490,834
  • TOTAL: $6,709,834

UPDATE (August 20, 2021, 2:19 UTC): Adds additional info including amount hacked, unnamed source, and on-chain data.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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