Since prominent cryptocurrency personality Crypto Bitlord hinted on X that Solana (SOL) would be the subject of an inquiry, rumors about the cryptocurrency are circulating. He said this rumor has been brewing for weeks and may soon come to light, which might have severe consequences for Solana.
Is Solana the Subject of a Probe?
Blockchain “We are hearing rumors that $SOL is under investigation,” Bitlord wrote on social media. He added that a “huge case is about to become public.” He continued that this has been building for weeks, and the timing couldn’t be worse. Please begin to pray for Solana if what we have heard is accurate.
The recent remark has caused severe criticism in the Solana community. Crypto Bitlord highlighted this: “I’ve already seen a lot of coping and denial in the comments.” “It’s sad when everyday people get caught up in things they don’t understand and lose money from it,” he said in response to the worries.
The most recent rumors that Solana is being investigated are similar to the recent focus on Ethereum (ETH). Following the conclusion of the Securities and Exchange Commission’s (SEC) 14-month examination into Ethereum, Solana took center stage in the discussions around its security status. These discussions, though, were brief and received little notice until the most recent rumors surfaced.
In response to these rumors, the price of Solana fell by over 8% to $124. The decrease may have been impacted by the rumors and other market variables, even if it may not have been directly related to them. Moreover, SOL had a significant selloff. Coinglass reports that Solana saw a lengthy liquidation of $10.75 million as investors, overcome with panic, sold off to offset losses.
Furthermore, Lucie, the marketing head for Shiba Inu, expressed worries regarding the Solana community on X. “Celebrities’ accounts posting SOL addresses left and right are probably hacked,” the statement reads. Please use caution and avoid falling into scams. Although these incidents have increased interest in the Solana ecosystem, they refute the myths that Crypto Bitlord has been spreading.
Concerning Crypto Bitlord
Blockchain Bitlord has a distinguished past in the realm of cryptocurrencies. He used Bitcoin in 2012 and contributed early to the Ethereum ICO. Furthermore, he has supported initiatives like ADA and Dot/KUSAMA since the beginning. Thanks to his talent for spotting emerging trends, he has backed billion-dollar meme coins like Pepe Coin (PEPE), Floki (FLOKI), and Shiba Inu (SHIB).
Despite this, a rug-pull issue has damaged his reputation. In November 2023, he raised $5 million for a mysterious MOLLY project. Still, its value fell fast, and he was accused of pulling a rug. As a result, doubts are raised about the veracity of the Solana investigation rumors.
SEC Abandons Ethereum Investigation
Ethereum, on the other hand, just saw a favorable development. ConsenSys, an Ethereum software company, contacted the SEC earlier this month to inquire about the progress of its Ethereum 2.0 probe. In a letter, ConsenSys asked for clarification on whether approving a Spot Ethereum ETF would lead to the conclusion of the current investigation. Furthermore, a short while later, ConsenSys declared that the SEC had concluded its Ethereum 2.0 inquiry.
This verified that selling ETH is not regarded as a transaction involving securities. “We are pleased to announce a significant victory for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has informed us that it is concluding its investigation into Ethereum 2.0,” a statement from ConsenSys reads.
Moreover, the conclusion of the Ethereum inquiry is seen as a success. It also draws attention to the continued difficulties with regulations that the cryptocurrency sector faces. ConsenSys underlined that unambiguous rules are necessary to develop crypto innovations and technology.
Amidst 3iQ’s application for a Solana Fund in Canada, which purports to be the first Solana ETP in North America, speculations are circulating regarding Solana. This circumstance is similar to Ethereum’s regulatory difficulties, which have caused industry players to proceed cautiously.
