Solana’s Aqua Project Allegedly Performs Major Rug Pull

Solana’s Aqua Project Allegedly Performs Major Rug Pull

On-chain analyst ZachXBT revealed that Solana project Aqua reportedly executed a rug pull, absconding with 21,770 SOL, approximately valued at $4.65 million.

This incident ignites concerns within the Solana and DeFi community due to significant fund disappearance and previous project endorsements by notable DeFi entities.

Solana project Aqua has been accused of a significant rug pull, resulting in the disappearance of 21,770 SOL, equating to approximately $4.65 million. The accusation was first reported by on-chain analyst ZachXBT.

ZachXBT, using his expertise, highlighted suspicious wallet activity and reported the case. The Aqua team locked comments on social media platforms, raising further suspicions among investors and analysts.

The alleged rug pull has sparked immediate concern within the cryptocurrency community, especially among Solana and DeFi participants. As ZachXBT observed, “Aqua presale wallet split 21,770 SOL into multiple new wallets before sending to instant swap services, classic rug behavior.”

In response, Meteora’s co-lead clarified their limited involvement, emphasizing the need for reviewing internal marketing processes. Endorsers like Quill Audits and SYMMIO faced backlash due to previous endorsements of Aqua.

Solana’s market perception may face a shift as investor trust is tested by similar incidents. This is part of a pattern seen in other Solana-based and DeFi projects. UK Trademark Registration – Class 9

The rug pull follows a recurring theme in DeFi where projects with audit and endorsement credibility disappear after fundraising rounds. Historically, this pattern leads to increased scrutiny and demands for tighter regulatory oversight in the crypto realm.