The first Solana blockchain scam Luna Yield took advantage | ССenter – Blockchain and Bitcoin

The first Solana blockchain scam

Luna Yield took advantage of Solana's popularity to scam by developing a smart contract with a bug in the code. The DeFi project involved profitable farming in a new ecosystem in WETH, WBTC and USDT assets.

The attackers sold off LUNY service tokens through the SolPAD Finance platform, which is trying to become a central hub for IDO placements on the Solana blockchain.

After completing two days of fundraising, they emptied all of Luna Yield's liquidity by spinning the cryptocurrency through a Tornado Cash mixer. Losses from the scam are estimated at $8 million, but the damage to SolPAD Finance's reputation is much greater.

The IDO platform has decided to take over compensation for 60% of the missing finances, and investors have already started receiving funds in their wallets. The Luna Yield scam was the first case of investment theft related to Solana blockchain.