Despite a massive progress made by Solana’s SOL digital currency, it has been discovered that the project hid the fact that it had more coins stashed away in a secret wallet than what the team declared.
This was revealed in a tweet by the CEO of Cyber Capital, Justin Bon whose company is privy to a third-party audit that revealed that the Solana team lied to investors.
In April, the disclosure from the team stated that there are 8.2 million SOL in circulation. What the audit discovered is that there are additional 12 million coins stashed away by the team in a secret wallet, apparently used as a “market maker”
Reacting to the revelation made by the auditors, the Solana team through a Medium post stated that the purpose of the secret wallet was to provide liquidity for the SOL market and added that the excess coins will be burned in 30 days.
It is not yet clear if the revelation would have an adverse effect on the token which has proven to be among the successes of 2021. The SOL token is presently the fourth most capitalized coin after Bitcoin, Ethereum and Binance Coin. It is presently trading at $243. The circulating supply of SOL is 302 million.
In a Tweet by Mr Whale regarding the revelation, he wrote:
After an audit, it was discovered that Solana lied about their supply.
Instead of being 8 million, it’s 20 million. They lied & had 12M coins hidden in a “market maker” wallet.
Solana has been promoted as the Ethereum killer. This could be the first controversy linked to the project which has so far performed remarkably.
You can still purchase the SOL token here.