by • The official Twitter account of the Solana-based decentralized finance project Serum, which had over 200,000 followers, has been renamed ‘Luka’.
• The account was being used to promote “shitcoins” and its PFP avatar was replaced with Milady NFT.
• Serum received funding from Multicoin Capital alongside FTX.com and FTX US but eventually lost most of its value due to FTX’s bankruptcy filing.
FTX-Linked Project Serum Shilling Shitcoins on Twitter: Report
In a bizarre development, the Twitter account of an FTX-linked project – which was once a prominent DeFi player on Solana – is now shilling shitcoins. According to on-chain sleuth Zachxbt, the official Twitter account of the Solana-based decentralized finance project Serum, which had over 200,000 followers, has been renamed ‘Luka’.
Previous Tweets Deleted
The original Serum account is speculated to have been sold to a different user since all the previous tweets have been deleted. Sharing a screenshot of the account, ZachXBT revealed that its PFP avatar was replaced with Milady NFT and was used for promoting “shitcoins.”
Funding from Multicoin Capital & FTX
For the uninitiated, Serum was founded in August 2020 by a consortium that included the Solana Foundation as well as Sam Bankman-Fried’s FTX and trading desk Alameda Research. Serum received funding from Multicoin Capital alongside FTX.com and FTX US.
Project Lost Value After Bankruptcy Filing
It was once heralded as a core decentralized exchange platform and liquidity provider for Solana’s DeFi ecosystem. The events leading up to FTX’s bankruptcy filing forced Solana DeFi projects like Raydium and Jupiter to cut off ties with Serum. Several exchanges like Upbit and Binance delisted Serum from their platforms.
SRM Token Dropped 98% Since All Time High
Soon after, the project’s native token – SRM – also lost over 98% of its value since its all-time high in September last year. It was assumed that the project ended.
