The first-time rug pulls in the Solana network

Şükriye Akdeniz

Aug 21, 2021

Luna Yield using the Solana net hit rock bottom with rug pull

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Rug pull refers to the complete draining of funds by cryptocurrency developers. In other words, it can be expressed as defrauding his own project.
The cryptocurrency, named Luna Yield, was shut down two days after its launch. It is thought that rug pull is experienced in crypto operating on the Solana network. Investors fear that the project developers will run away with $6.7 million in client funds.
Luna Yield was launched Tuesday through SolPAD, the multi-chain Solana-backed fundraising platform. It was SolPAD's second "IDO" after Solstarter.
Solano has become one of the most notable Blockchain networks of recent times, experiencing rug pull for the first time.
Solana IDO platform SolPAD made a statement on its official Twitter account:
“Luna Yield, the last IDO on our launchpad, seems to have some issues. The Luna Yield team has shut down their website and all other social media. They are also withdrawing all liquidity. SolPAD still hasn't been able to reach out to the Luna Yield team to figure out what happened. 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 about Luna Yield. Thank you for your cooperation."
According to claims, the loss of the first rug pull on the Solana network is between $6.7 million and $10 million. After the event, Luna Yield (LUNY) price dropped from $332 to $9.78.

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