The developers of Luna Yield stole $ 8 million from investors

by in DeFi News

Luna Yield

DeFi protocol Luna Yield, powered by Solana blockchain, suddenly stopped working a few days after launch. The website and social networks of the project are disabled. Its developers have withdrawn about $8 million from the protocol.

The Luna Yield team ran an IDO on the SolPAD platform on Monday, 16 August. Already on Friday, the site announced that the project had closed social networks and a website, and anonymous developers withdrew all liquidity from the protocol.

According to the blockchain observer Solscan, assets in WBTC, WETH, USDT, and LUNY (native Luna Yield tokens) were transferred to the address of the Tornado Cash mixer.

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SolPAD said it would compensate investors for up to 60% of the funds lost during the incident. For this, the assets of the reserve fund of the Solpad Foundation are used. Funds will be credited to addresses directly participating in IDO.

The SolPAD administration said that immediately after the incident, they tried to trace the addresses of the Luna Yield developers and calculate their IP, but to no avail. The platform also made available all of the collected information to “centralized exchanges and regulated institutions” that can block transactions with stolen assets.