ZachXBT, an onchain investigator, has linked the Lazarus Group, implicated in the $1.4 billion Bybit hack, to recent Solana memecoin scams, including rug pulls on the Pump.fun platform. The connection emerged following a significant attack on Bybit involving liquid-staked Ether and other assets. On February 22, funds totaling $1.08 million from the Bybit hack were traced to a Solana wallet involved in suspected memecoin launches. ZachXBT reported over 920 addresses potentially tied to the hack are associated with scams on Solana. This detection fits within a broader narrative of corruption on the Solana blockchain, which has faced scrutiny over the past year, particularly in light of the collapse of the Libra token project. Investor sentiment has declined following such scandals, as evidenced by a 94% price drop and a loss of $4 billion in investor capital. Additionally, active addresses on Solana's network have decreased significantly, marking a downturn in blockchain activity, contributing to ongoing concerns about insider corruption and the implications for future growth.

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