7 hours ago
Blockchain researcher ZachXBT reported that the Solana (SOL) trading level Aqua allegedly conducted a rug pull, draining 21.77k SOL worthy $4.65 cardinal aft securing endorsements from large ecosystem partners and precocious passing information audits.
Aqua positioned itself arsenic a trading infrastructure designed to democratize entree beyond “insiders oregon whales,” claiming to person processed implicit $90 cardinal successful measurement with execution speeds reaching milliseconds.
The level promised gross sharing done its AQUA token, which would administer trading fees to holders via buy-and-burn mechanisms and staking rewards.
Aqua performed a nationalist merchantability of their token, sharing an code wherever investors could nonstop up SOL and person AQUA tokens aft launch. According to an announcement, the protocol raised $1 cardinal successful 30 minutes.
Multiple endorsement
The task gained credibility done partnerships with established Solana entities, including Meteora, Helius, SYMMIO, and Dialect, arsenic good arsenic promotion from assorted influencers.
QuillAudits provided additional legitimacy connected Aug. 31, congratulating the Aqua squad for achieving a “99.7% score” successful their information appraisal and praising their committedness to security.
ZachXBT’s probe revealed that funds were “split 4 ways and transferred betwixt intermediary addresses earlier being sent to aggregate instant exchanges” conscionable hours earlier his study was submitted.
The squad disabled replies connected each X posts pursuing the alleged exit.
Ethos Network CEO Serpin Taxt confirmed the project’s dissolution, stating Aqua had concisely contacted his squad astir imaginable collaboration earlier disappearing. He added that Aqua’s squad deleted the messages sent done Telegram.
‘Liquidity ladder’
The level launched its token done what it called a “Liquidity Ladder” model, marketed arsenic an alternate to accepted presales that would guarantee “deep motorboat liquidity” and “fair terms discovery.”
This mechanics was designed to reward aboriginal condemnation portion avoiding insider allocations that typically payment organization investors.
Following the alleged rug pull, Aqua published a new astute declaration address and claimed their Medium relationship was “unexpectedly suspended,” preventing them from publishing a elaborate explanation.
The squad promised to stock accusation done alternate channels but provided nary updates arsenic of property time.
Meteora co-lead Soju addressed the accusations that the protocol helped a scam task to summation traction.
Soju stated:
“Our prerogative volition beryllium to enactment teams utilizing our tech, sometimes that results successful a bully launch, sometimes it doesn’t. I personally person installed processes that heavy value this successful our favor. However, I admit that we could person managed expectations amended and would further tighten interior processes to trim this from happening.”
Despite the suspicious transactions of the wealth from their presale address, determination is nary ceremonial confirmation arsenic of property clip that Aqua performed a rug pull.
The station Solana trading bot Aqua allegedly rug pulls $4.65 cardinal aft large ecosystem endorsements appeared archetypal connected CryptoSlate.
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