The article discusses the controversy surrounding Solana and its strong community despite facing obstacles. Mert Mumtaz, the CEO of Helius Lab and a hardcore member of the Solana community, defended the chain against criticism following the failure of the Libra meme token. Mert argued that the complaints about scams on Solana were coming from supporters of chains with less activity. He emphasized that every ecosystem has its share of shitcoins and speculation. Mert urged critics to focus on building alternatives instead of resorting to moral posturing. The article also mentions the allegations against Bitcoin and USDT on the Tron blockchain in the past. It then goes on to explain the story behind the Libra meme token, stating that Argentina's president initially endorsed the project but later retracted his support due to lack of due diligence. Panic among holders ensued, causing the token's market capitalization to drop significantly. On-chain analysis revealed red flags, including a concentration of supply among a few wallets and the withdrawal of funds by the project's developers. The article also mentions that this is not the first time the president has been involved with a crypto scam, as he endorsed CoinX in 2021, which turned out to be an alleged Ponzi scheme.



Other News from Today