The FTX-linked project Serum has been accused of shilling shitcoins on Twitter, according to a recent report. Serum allegedly promoted low-quality cryptocurrencies on the social media platform, which has raised concerns among investors and traders. The report suggests that such practices could lead to market manipulation and unethical behavior in the crypto industry. It highlights the need for regulators and industry watchdogs to scrutinize such activities and take appropriate action to protect investors’ interests. As the cryptocurrency market continues to grow rapidly, maintaining transparency and ethical standards must remain a top priority for all stakeholders involved.
Serum DeFi, a Solana-based decentralized finance project that was once seen as a core DEX and liquidity provider for the ecosystem, is rumored to have been sold to a different user. The previous official Twitter account of the project, which had over 200k followers, has been renamed ‘Luka’ and all previous tweets have been deleted. Additionally, its PFP avatar was replaced with Milady NFT and was used to promote “shitcoins.”
Founded in August 2020 by a consortium that included the Solana Foundation, FTX, and Alameda Research, Serum received funding from Multicoin Capital. However, the events leading up to FTX’s bankruptcy filing forced Solana DeFi projects like Raydium and Jupiter to cut off ties with Serum. As a result, several exchanges like Upbit and Binance delisted Serum from their platforms. 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 was over.
However, a community-driven fork of Serum’s V3 program was launched and rebranded as ‘OpenBook,’ which has over 5k followers on its Twitter account. Despite the setbacks, Serum’s legacy lives on, and its technology continues to be used in other projects.
In conclusion, although it is unclear why the original Serum Twitter account was renamed ‘Luka,’ it is apparent that the DeFi ecosystem is constantly evolving. Despite the collapse of Serum’s original ecosystem, the community has successfully built a new platform that is gaining traction. Regardless of the struggles that Serum has faced, its technology continues to be utilized, and its impact on the DeFi space will undoubtedly be remembered for years to come.
– What Happened to Serum’s Original Twitter Account: A Brief Overview
– From Serum to OpenBook: The Resilience of Solana’s DeFi Ecosystem