Crypto Community Reacts to Major Solana News Scam Callout

The latest Solana news has featured the SOL community facing fresh backlash following recent claims that the blockchain is a scam.

Solana has reacted negatively to these accusations, with the price dropping towards the $200 psychological level.

The SOL price reaction comes despite founder Anatoly Yakovenko hailing the blockchain as the new oil.

What the Latest Solana News is All About

Taking to social media X, an Ethereum enthusiast with the username Ethprofit, accused the Solana Foundation of theft and data manipulation.

“Solana WILL steal ALL user funds,” Ethprofit stated.

Ethprofit claimed that only the Solana Foundation has unilateral control over the growing 1 petabyte of archive data.

As such, they argued that the Solana Foundation can secretly modify transaction records and account balances.

Ethprofit spotlighted an earlier post where they claimed that users’ funds exist on Ethereum, rather than Solana. According to Ethprofit, users cannot determine if their account balance actually exists.

These claims are a serious charge that would undermine the integrity of any blockchain. First, it is important to note that the Solana blockchain is designed to be immutable.

This means transactions are cryptographically secured and cannot be altered without consensus from the network. Therefore, the Solana news about altering a transaction or balance would require controlling a majority of validators.

While this is theoretically possible, it is extremely difficult and costly, primarily because Solana has a large validator set.

Moreover, there is no documented evidence or credible reports of the Solana Foundation altering transactions or balances. The community would likely detect such an action, as Solana’s ledger is transparent and auditable by anyone running a node.

Solana Founder Defends SOL As the New Oil

Meanwhile, in another Solana news, founder Anatoly Yakovenko recently described SOL as the new oil.

“Data is the new oil, and Solana is digital data,” Yakovenko wrote in an X post.

His analogy suggests that SOL, like oil, is a critical resource driving economic activity in the digital age.

His comments follow criticism of a recent Ethereum thesis by crypto analyst and Bitmine Chairman Tom Lee.

In the thesis, Lee argued that growing stablecoin and tokenized asset activity will increase Ethereum’s transaction volume and fees, increasing its value.

However, crypto analyst Andrew Kang countered the thesis. According to Kang, ETH fees remain flat despite a 100-1000x increase in tokenized asset value and stablecoin volume since 2020.

Lee also compared Ethereum to oil, suggesting it is a valuable commodity. Kang, however, emphasized that oil, adjusted for inflation, has traded in a broad range for decades.

Therefore, he noted that viewing ETH as a commodity is not inherently bullish for price appreciation.

In contrast, Yakovenko’s “data is oil” analogy emphasizes that Solana plays a key role in efficiently processing high volumes of transactions. This positions the blockchain as a scalable infrastructure for digital economies.

Solana Price Reaction

The SOL price has reacted negatively to the latest scam callout. After hitting the 50% Fibonacci retracement of the recent swing low to high, the price has pulled into a corrective structure.

At press time, SOL price decreased by 5.02% over the past 24 hours to $202.18. The SOL trading volume also decreased by 6.85% to $8.2 billion, indicating reduced market activity.

The price chart revealed an ascending triangle forming along the support line while sellers attempted to press lower.

A sustained hold above the $200-$210 zone would validate the structure. Conversely, failure opens the risk of a deeper pullback.

If the support holds, projection favors a bullish continuation toward the 250 target zone, supported by SOL app revenue growth.