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Fund management titan Franklin Templeton has launched its Franklin OnChain US Government Money Fund (FOBXX) on Solana. A SOL token called Benji (BENJI) representing shares in the fund has been deployed on the Solana network, the $1.6 trillion asset manager said in a Feb. 12 X post . The FOBXX fund invests almost 100% of its assets in US government securities, cash and fully collateralized repurchase agreements. Its total assets stood at $512 million as of Jan. 31. The launch of Franklin Templeton’s FOBXX on the Solana blockchain is part of the company’s mission to expand its “layer-1 footprint,” it said. This comes amid Solana’s growing presence in the institutional financial ecosystem. In addition to Solana, Franklin Templeton has already deployed its BENJI token on other major layer-1 blockchains Ethereum and Avalanche, as well as on layer-2 networks including Arbitrum, Base, Polygon, and Aptos. FOBXX is considered to be the first US mutual fund to tap blockchain technology for record-keeping and transaction processing. This is not Franklin Templeton’s first move related to the Solana ecosystem. On Feb. 10, the firm registered a trust in Delaware linked to a SOL ETF (exchange-traded fund). Other asset managers have also filed applications for similar investment products. Institutional investments in decentralized applications running on Solana rose 54% in the third quarter of 2024 to a total of $173 million. The increasing adoption of Solana by institutions could also benefit Solaxy (SOLX) , the first Solana layer-2 project. Currently in presale, it has already raised over $20.3 million as investors back the idea of a layer 2 project designed to help reduce congestion and increase efficiency on the Solana blockchain.

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The post CoinSwitch X Account Hacked, CEO Assures Funds Are Safe appeared first on Coinpedia Fintech News CoinSwitch officially announced that its X account was hacked to promote a scam token, SWITCH, on the Solana blockchain. The hackers falsely claimed it was CoinSwitch’s native token, with trading set to start at 8 AM UTC. CEO Ashish Singhal confirmed the breach, assuring users that the platform remains secure and funds are safe. The CoinSwitch team has regained account control, deleted the fraudulent post, and is working with X to address the issue. Singhal urged users to ignore messages about $SWITCH, emphasizing no official link to any such memecoin.

Blockchain security firm SlowMist has identified a critical vulnerability in Four.Meme, a meme coin launchpad on Binance Smart Chain (BSC), where attackers could manipulate PancakeSwap v3 pools to exploit token launches. The vulnerability stemmed from the fact that Four.Meme does not implement price verification checks which allowed malicious users to create pools with deliberately skewed prices before scheduled token launches. SlowMist explained that when new tokens migrate to PancakeSwap v3 and add liquidity, they automatically adopt these manipulated price points, thereby enabling attackers to drain pool assets. According to blockchain security company PeckShield’s findings, the incident resulted in attackers making off with approximately $183,000. BSC-Based Meme Coin Launchpad Reacts In response to a recent malicious attack, Four.Meme announced suspending token liquidity pools on PancakeSwap to safeguard user assets. The development team also said that it is actively addressing the issue and will restore liquidity once a fix is implemented. Meanwhile, on-chain trading remains operational. In its official statement, Four.Meme stated, “Rest assured, internal funds are SAFU and unaffected by this attack. We will continue to monitor the situation and provide timely updates to the community. Thank you for your understanding and support!” Four.Meme initially captured market attention following the volatile performance of the Test (TST) token. Since then, the platform’s popularity surged dramatically. In fact, data compiled by Dune analytics reveal user growth reached its peak on February 9 with 11,473 unique addresses. However, as of February 11th, data shows user engagement has significantly contracted to 5,301 addresses. The latest attack has increased concerns regarding the security of meme coin launchpads as it reflected a pattern of similar incidents in the industry. This event is reminiscent of last May when Solana-based meme coin launchpad Pump.fun suffered a flash loan attack, which caused $2 million in losses. Increasing Illicit Activities Targeting Web3 Zooming out, with the rise in cryptocurrency adoption, there has been an increase in the variety of illicit on-chain activities. SlowMist’s January report revealed Web3 security incidents climbed to $98.19 million in losses across 40 hacking attacks, which caused about $87.94 million in damages, with $1.47 million successfully recovered. Major incidents include a $70 million hot wallet breach at Singapore-based exchange Phemex on January 23 and a $7.2 million exploit of P2P trading platform NoOnes’ Solana bridge on January 1. The post BSC-Based Meme Coin LaunchPad Four.Meme Suffers $183K Exploit appeared first on CryptoPotato.

A long-awaited Solana update is live. Solana LSTs mostly saw their yields go up across the board today.