Solana
Crypto Millionaire Highlights Rumors Solana Is Under Investigation, What’s Happening?
Rumors are circulating Solana (SOL) As Crypto Bitlord, a well-known figure in the crypto world, suggested on X that the cryptocurrency could be under investigation. This speculation, he claims, has been brewing for weeks and could soon become public, potentially leading to significant repercussions for Solana.
Is Solana under investigation?
Crypto Bitlord posted: “We are hearing rumors that $SOL is under investigation. ” Furthermore, he noted that a “huge affair is about to be made public.” He added: “This has been weeks in the making and it couldn’t come at a worse time. If what we have heard is true, start praying for Solana.
The recent comment has sparked significant skepticism within the Solana community. Crypto Bitlord pointed this out and said, “I’ve already seen a lot of backlash and denial in the comments. Responding to these concerns, he added: “It’s sad when ordinary people get caught up in things they don’t understand and lose money as a result. »
The latest speculation around Solana being investigated mirrors recent scrutiny of Ethereum (ETH). After the U.S. Securities & Exchange Commission (SEC) closed its 14-month investigation into Ethereum, Solana drew attention to debates over security status. However, these debates were short-lived and did not receive much attention until the latest speculations surfaced.
Amid these rumors, the price of Solana plunged nearly 8% to $124. The drop may not be directly related to the rumors, but could have been influenced by them, as well as other market factors. Additionally, SOL experienced a massive sell-off. According to Coinglass, Solana experienced a lengthy liquidation of $10.75 million as panic-stricken investors sold to mitigate losses.
Additionally, Shiba Inu Marketing Manager Lucie also raised concerns about the Solana community on X. She said, “Celebrity accounts posting SOL addresses left and right are probably being hacked. PLEASE BE WISE and don’t get scammed. These events have increased scrutiny around the Solana ecosystem, but they do not confirm the rumors spread by Crypto Bitlord.
About Crypto Bitlord
Crypto Bitlord has a notable history in the cryptocurrency space. He was an early contributor to the Ethereum ICO and adopted Bitcoin in 2012. Additionally, he has supported projects like ADA and Dot/KUSAMA from their inception. Additionally, his knack for spotting early trends includes backing billion-dollar coins like Shiba Inu (SHIB)
Floki (FLOKI) and Pepe Coin (PEPE).
Despite this, his reputation was tarnished by a rug-pulling controversy. In November 2023, he raised $5 million for a mysterious project (MOLLY) whose value quickly plummeted, leading to accusations of rug pulling. The legitimacy of the rumors from the Solana investigation is therefore called into question.
Read also: Solana Exec explains how ZK compression reduces on-chain storage costs by over 99%
SEC abandons Ethereum probe
On the other hand, Ethereum has recently seen a positive turn of events. Earlier this month, ConsenSys, an Ethereum software company, contacted the SEC regarding the status of its investigation into Ethereum 2.0. In a letter sent earlier this month, ConsenSys asked whether approval of a Spot Ethereum ETF would result in the closure of the ongoing investigation. Additionally, ConsenSys later announced that the SEC had closed its investigation into Ethereum 2.0.
This confirmed that ETH sales are not considered securities transactions. ConsenSys said: “Today, we are pleased to announce a major victory for Ethereum developers, technology providers, and industry participants: the SEC’s Enforcement Division has informed us that it is closing its investigation into Ethereum 2.0.
Additionally, the closure of the Ethereum investigation is considered a victory. However, it also highlights the current regulatory challenges facing the crypto sector. ConsenSys emphasized that clear guidelines are essential for the advancement of cryptographic technologies and innovations.
Meanwhile, Solana rumors emerge amid 3iQ’s Solana Fund filing in Canada, claiming to be the first Solana ETP in North America. This situation therefore reflects Ethereum’s regulatory challenges, which have led to a cautious approach from industry players.
Read also: ETH Price Reversal Soon as Ethereum ETF Coming in Two Weeks