Blockchain investigator ZachXBT reported that the Solana (SOL) buying and selling platform Aqua allegedly performed a rug pull, draining 21.77k SOL price $4.65 million after securing endorsements from main ecosystem companions and not too long ago passing safety audits.
Aqua positioned itself as a buying and selling infrastructure designed to democratize entry past “insiders or whales,” claiming to have processed over $90 million in quantity with execution speeds reaching milliseconds.
The platform promised income sharing via its AQUA token, which might distribute buying and selling charges to holders by way of buy-and-burn mechanisms and staking rewards.
Aqua carried out a public sale of their token, sharing an handle the place traders may ship up SOL and obtain AQUA tokens after launch. In line with an announcement, the protocol raised $1 million in half-hour.
A number of endorsement
The undertaking gained credibility via partnerships with established Solana entities, together with Meteora, Helius, SYMMIO, and Dialect, in addition to promotion from varied influencers.
QuillAudits offered further legitimacy on Aug. 31, congratulating the Aqua group for attaining a “99.7% rating” of their safety evaluation and praising their dedication to safety.
ZachXBT’s investigation revealed that funds have been “break up 4 methods and transferred between middleman addresses earlier than being despatched to a number of instantaneous exchanges” simply hours earlier than his report was submitted.
The group disabled replies on all X posts following the alleged exit.
Ethos Community CEO Serpin Taxt confirmed the undertaking’s dissolution, stating Aqua had briefly contacted his group about potential collaboration earlier than disappearing. He added that Aqua’s group deleted the messages despatched via Telegram.
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‘Liquidity ladder’
The platform launched its token via what it referred to as a “Liquidity Ladder” mannequin, marketed as a substitute for conventional presales that will guarantee “deep launch liquidity” and “honest value discovery.”
This mechanism was designed to reward early conviction whereas avoiding insider allocations that usually profit institutional traders.
Following the alleged rug pull, Aqua revealed a brand new sensible contract handle and claimed their Medium account was “unexpectedly suspended,” stopping them from publishing an in depth rationalization.
The group promised to share info via different channels however offered no updates as of press time.
Meteora co-lead Soju addressed the accusations that the protocol helped a rip-off undertaking to realize traction.
Soju said:
“Our prerogative will likely be to help groups utilizing our tech, generally that leads to an excellent launch, generally it doesn’t. I personally have put in processes that closely weight this in our favor. Nevertheless, I acknowledge that we may have managed expectations higher and would additional tighten inner processes to cut back this from taking place.”
Regardless of the suspicious transactions of the cash from their presale handle, there isn’t a formal affirmation as of press time that Aqua carried out a rug pull.
