Aqua, a Solana-based trading platform, is under fire after allegedly draining 21.7k SOL ($4.65M) despite winning backing from major ecosystem players and even securing top audit scores.
The project pitched itself as a tool to make trading more accessible beyond “insiders or whales,” claiming $90M in processed volume. Its AQUA token was designed to share revenue through staking rewards and buy-and-burn features. A public sale quickly raised $1M in 30 minutes.
Backed by names like Meteora, Helius, SYMMIO, and Dialect, Aqua seemed credible. But blockchain investigator ZachXBT flagged suspicious wallet activity, showing funds were split and sent to exchanges. Shortly after, Aqua disabled replies on social media.
The team had marketed its launch with a “Liquidity Ladder” model, promoting fairness and liquidity. After the controversy, Aqua posted a new contract address and claimed its Medium account was “unexpectedly suspended,” but no clear update has followed.
Meteora’s co-lead Soju commented:
“Our prerogative will be to support teams using our tech, sometimes that results in a good launch, sometimes it doesn’t. I personally have installed processes that heavily weight this in our favor. However, I recognize that we could have managed expectations better and would further tighten internal processes to reduce this from happening.”
While no formal confirmation of a rug pull has been made, the silence and fund movements leave the Solana community questioning Aqua’s intentions.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
