Solana News: Pump.fun X Account Hacked, Fraudulent ‘PUMP’ Token Promoted

In a recent cybersecurity incident, the official X account of Pump.fun, a popular Solana-based token launch platform, was hacked. Hackers exploited the compromised account to promote a fake governance token named ‘PUMP’, raising significant concerns about the security of social media accounts in the crypto industry and the protection of investors.

Pump.fun X Account Hacked, Promoted Fake ‘PUMP’ Token

The official X account of Pump.fun, a Solana-based token launch platform, has been compromised. Hackers used the account to promote a fraudulent governance token called “PUMP.” This breach is the latest in a series of cybersecurity threats targeting the crypto industry, raising concerns over social media security and investor protection. Alon Cohen, co-founder of Pump.fun, confirmed the threat and urged users to refrain from engaging with the compromised account. Blockchain investigator ZachXBT also cautioned users to avoid the page and not click on any links it shared.

Solana Faces Capitulation with RSI Under 30: Will SOL Stage a Recovery Soon?

An assessment of the SOL/USD one-day chart shows that Solana’s Relative Strength Index (RSI) has dropped below the 30 level for the first time since June 2023. This indicates SOL has become extremely oversold, suggesting selling pressure may be exhausted and a price correction could be underway. Historically, such oversold conditions have preceded sharp rebounds, hinting at a potential rally if market participants interpret this as a buy signal.

Solana Proposal to Slash Inflation by 80% Heads to Community Vote

Solana’s latest governance proposal, SIMD-0228, aims to drastically reduce SOL’s annual inflation by 80%, introducing a dynamic emissions model adjusting staking rewards based on participation levels. Authored by Multicoin Capital’s Tushar Jain and Vishal Kankani with support from Anza’s Lead Economist, Max Resnick, the proposal is set for voting in epoch 753, expected to begin on March 6th. If passed, SOL’s emissions would drop from 4.5% per year to as low as 0.87%. While some view this as a move towards economic sustainability, others fear it could imbalance decentralization by favoring large stakeholders.

Sonic Launches Mobius Mainnet as Seamless Solana Extension

Sonic, the first chain extension built on Solana, has launched its Mobius mainnet. The blockchain solution aims to extend Solana’s capabilities, enhance scalability, and provide a dedicated layer for high-volume decentralized applications (dApps). The Mobius mainnet allows developers to easily migrate existing applications and benefit from features like using SOL for gas fees and full interoperability with Solana’s accounts via an Interoperability API. Sonic is also compatible with key ecosystem protocols like Metaplex, Pyth, and Hyperlane.