SolPad, an Initial Digital Offering (IDO) and Luna Yield platform based on the Solana blockchain, <a href="https://twitter.com/FinanceSolpad/status/1428500967427764226" target="_blank" rel="nofollow noopener">revealed </a>earlier today that one of its protocols goes down as customers fear an exit scam. The Luna Yield platform provides yield farming with vaults accessible on Solana (SOL), Polygon <a href="https://www.cryptoknowmics.com/news/polygon-matic-to-create-a-dao-along-with-projects-in-defi/">(MATIC)</a>, and the Binance Smart Chain.
<h2>Luna Yield Platform SolPad's Solana based DeFi Protocol Nowhere To Be Found </h2>
While the market looks to be rebounding again, it hasn't been all sunshine and rainbows for crypto platforms this month. A rug pull appears to have fooled several crypto investors, in what is becoming a worrisome pattern.

SolPad said in a tweet that the platform looked to be experiencing issues. The service cleaned up its internet footprint, removing web pages and social media accounts. The website is still listed on Google's results page, but it cannot be accessed.

Luna Yield was the second IDO to go live on SolPad earlier this week. According to press reports, the site had received $6.7 million in user donations and was establishing a pretty robust community. All of the assets appear to slow down as customers fear an exit scam.

According to an unnamed source, the site's creators apparently changed all of the SOL tokens on the network to Ether. 

The funds were then moved to Tornado Cash, a decentralized, non-custodial privacy solution built on the Ethereum blockchain. Simply put, the monies are no longer available and cannot be retrieved.

Despite the SolPad team's appeal for patience while they attempt to contact the Luna Yield creators. 

However, this situation already has the hallmarks of an exit scam — a case in which the developers of a platform steal the cash of investors. If it is an exit scam, it will be the first on the Solana blockchain.
<h2>Criminal Activity On The Rise</h2>
This is just the latest criminal incident to hit the cryptocurrency sector in recent weeks. Poly Network, cross-chain decentralized finance (DeFi) system, was <a href="https://www.cryptoknowmics.com/news/hackers-steal-600m-from-poly-network-in-biggest-defi-hack-ever/">hacked</a> last week, causing investors to lose up to $610 million in digital assets. 

After many examinations, it was determined that the hacker used a weakness between contact calls to carry out the attack.

After the hacker appeared to have developed a conscience, virtually all of the monies were eventually <a href="https://twitter.com/PolyNetwork2/status/1425870262067548163" target="_blank" rel="nofollow noopener">recovered</a>.

Poly Network later stated that the breach was full of "white hat activity" and even offered the hacker a job. They declined it, as well as the company's $500,000 bounty.

While the market was still suffering from that, Liquid Global, a prominent cryptocurrency exchange, was hacked just yesterday. 

On Twitter, the Japanese exchange <a href="https://twitter.com/Liquid_Global/status/1428176358996279297?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener">acknowledged </a>the attack, adding that only its hot wallets had been compromised.

Although Liquid has yet to announce anything, news outlets estimate the exchange lost about $80 million as a result of the breach. 

There are also unverified allegations that the cash belonged to the Celsius Network, which <a href="https://www.prnewswire.com/news-releases/the-liquid-crypto-exchange-selects-celsius-to-offer-crypto-yield-to-its-customers-301278865.html" target="_blank" rel="nofollow noopener">partnered </a>with Liquid in April to provide the latter's clients with a compounding return on their cryptocurrency purchases.

Attempts are being made to recover the cash, with fellow cryptocurrency exchange KuCoin <a href="https://twitter.com/lyu_johnny/status/1428194809575968769?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener">blacklisting </a>any addresses associated with the attack.

&nbsp;

Luna Yield, A Solana Based DeFi Protocol Goes Down As Customers Fear An Exit Scam

A Luna Yield platform built on the DeFi Solana blockchain stated earlier today that one of its protocols is down because customers fear an exit scam.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Luna Yield, A Solana Based DeFi Protocol Goes Down As Customers Fear An Exit Scam

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