Rumors are swirling round Solana (SOL) as Crypto Bitlord, a widely known determine within the crypto world, instructed on X that the cryptocurrency is perhaps underneath investigation. This hypothesis, he claims, has been constructing for weeks and will quickly develop into public, probably inflicting vital repercussions for Solana.
Is Solana Under Investigation?
Crypto Bitlord posted, “We are hearing rumors that $SOL is under investigation.” In addition, he famous {that a} “huge case is about to become public.” He added, “This has been brewing for weeks now and couldn’t come at a worse time. If what we heard is true, start praying for Solana.”
The latest remark has stirred vital skepticism within the Solana neighborhood. Crypto Bitlord spotlighted this and said, “I’ve already seen a lot of cope and denial in the comments.” Addressing the considerations, he added, “It’s sad when everyday people get caught up in things they don’t understand and lose money from it.”
The newest speculations round Solana being underneath investigation mirrors Ethereum’s (ETH) latest scrutiny. After the U.S. Securities & Exchange Commission (SEC) closed its 14-month lengthy investigation on Ethereum, Solana seized the limelight over the debates on safety standing. However, these debates had been short-lived and didn’t achieve vital consideration till the newest speculations splurged in.
Amid these rumors, the Solana value plunged almost 8% to $124. The decline may not be instantly linked to the rumors however may have been influenced by them, together with different market components. Furthermore, SOL skilled an enormous selloff. According to Coinglass, Solana noticed $10.75 million in lengthy liquidation as buyers, gripped by panic, offered off to mitigate losses.
In addition, Shiba Inu’s advertising lead, Lucie, additionally raised considerations across the Solana neighborhood on X. She said, “Celebrities’ accounts posting SOL addresses left and right are probably hacked. PLEASE BE WISE and don’t get scammed.” These occasions have heightened scrutiny across the Solana ecosystem, however they don’t affirm the rumors unfold by Crypto Bitlord.
About Crypto Bitlord
Crypto Bitlord has a notable historical past within the cryptocurrency area. He was an early contributor to the Ethereum ICO, adopted Bitcoin in 2012. In addition he supported initiatives like ADA and Dot/KUSAMA from their inception. Moreover, his knack for figuring out early tendencies contains backing billion-dollar meme cash like Shiba Inu (SHIB), Floki (FLOKI), and Pepe Coin (PEPE).
Despite this, his status has been tarnished by a rug pull controversy. In November 2023, he raised $5 million for a thriller challenge (MOLLY) that shortly plummeted in worth, resulting in accusations of a rug pull. Hence, the legitimacy of the Solana investigation rumors is questioned.
Also Read: Solana Exec Explains How ZK Compression Cuts On-chain Storage Cost By Over 99%
SEC Drops Ethereum Probe
In distinction, Ethereum just lately noticed a constructive flip of occasions. Earlier this month, ConsenSys, an Ethereum software program agency, reached out to the SEC relating to the standing of its investigation into Ethereum 2.0. In a letter despatched earlier within the month, ConsenSys sought readability on whether or not the approval of a Spot Ethereum ETF would consequence within the closure of the continued investigation. Moreover, ConsenSys later introduced that the SEC had closed its investigation into Ethereum 2.0.
This confirmed that gross sales of ETH aren’t thought-about securities transactions. ConsenSys said, “Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.”
Furthermore, the closing of the Ethereum investigation is seen as a victory. However, it additionally highlights the continued regulatory challenges confronted by the crypto trade. ConsenSys emphasised that clear tips are important for the development of crypto applied sciences and improvements.
Meanwhile, the rumors about Solana emerge amid 3iQ’s Solana Fund software in Canada, claiming to be the primary Solana ETP in North America. Hence, this case mirrors Ethereum’s regulatory challenges, which has led to a cautioned strategy amongst trade members.
Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks
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