Solana's Impressive Market Performance Was Followed by Cover-Up of Additional 12 Million Coins in Secret Wallet

The CEO of Cyber Capital, Justin Bons, has uncovered the fact that the Solana project had an additional 12 million coins hidden in a "market maker" wallet, which makes the total circulating supply 20 million instead of 8 million.

According to Bons, Solana has been covering up the fact that there are an additional 12 million undisclosed coins in existence. After a third-party audit, the "secret" wallet has been found, which later led to a Medium article by the project’s officials, explaining the "cover-up."

1/6) In early April 2020 the Solana team stated that the total circulating supply was 8.2M.

When in reality the total circulating supply was above 20M!

Marking the start of a long series of lies, fraud & deception by SOL

The following story is all based on verifiable evidence:

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— Justin Bons (@Justin_Bons) November 5, 2021

In the explanation, the team stated that those coins have been used for market-making purposes only. The team has also promised to burn those coins in a 30-day period since they were initially loaned to the market maker.

On May 23, according to Bons, Solana announced that it took back 3.3 million coins out of a total of 11.3 million loaned. In order to fulfill its promise, Solana released eight million new coins and burned them afterward, Bons said.

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Currently, Solana's circulating supply is way past the initially stated 8 million and sitting at around 300 million, but the fate of the undisclosed ~12 million coins remains unclear.

Besides problems with the issuance, Solana's price has been steadily rising and remains among the top performers since August. Solana's price has increased by 739% and is now trading at $247 with 20% growth in the past week besides market correction or consolidation.