While remaining among the most efficient parts on the market, Solana actually owns 12 million “gray” parts.
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 covered up the fact that there are an additional 12 million undisclosed coins. 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.”
In the explanation, the team said that these coins were only used for market making purposes. 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 had taken back 3.3 million coins out of a total of 11.3 million on loan. In order to fulfill its promise, Solana released eight million new coins and burned them afterward, Bons said.
Currently, Solana’s circulating supply greatly exceeds the initially announced 8 million and stands at around 300 million, but the fate of the undisclosed ~ 12 million coins remains uncertain.
Besides problems with the issuance, Solana’s price has been steadily rising and remains among the top performers since August. Solana’s price rose 739% and is now trading at $ 247 with 20% growth last week on top of the market correction or consolidation.
