Recently, there’s been a worrying development in the world of cryptocurrencies: over $26 million in Solana (SOL) has been misappropriated during the presales of meme coins on the Solana platform. This disturbing fact was brought to light by ZachXBT, an investigator in the crypto community, who revealed the significant financial losses suffered by investors.
ZachXBT Unearths Solana Meme Coin Presale Scam
In a stark warning on social media platform X, crypto investigator ZachXBT revealed that within just one month, 12 Solana presale meme coins have been completely abandoned, leaving behind over 180,650 SOL ($26.7M) raised. This disconcerting statistic underscores the problematic trend of numerous projects failing to keep their promises after amassing substantial amounts of SOL.
An investigation by ZachXBT revealed that over $149.2 million worth of SOL was raised through presales for various projects. However, troublingly, many of these initiatives have ended in rug pulls, causing investors to lose their investments with nothing to show for it. ZachXBT urged caution and advised the community to avoid such projects.
One such example is the case of URF, a meme coin promoted by influencer Bryce Hall. Furthermore, ZachXBT revealed that URF managed to raise approximately 2400 SOL ($450K) in its presale. However, the team disappearred within 24 hours of launch. The detective noted, “The team disappeared less than 24 hrs after launch and social media accounts have had zero activity since March 26.”
The URF team has been using leftover investment funds for buying and trading meme coins instead of honoring their commitments to investors. This action worsened the financial losses for investors. Furthermore, such behavior in meme coin presales on the Solana blockchain has sparked significant worry within the crypto community regarding accountability and transparency issues.
Individuals investing in meme coins based on the Solana blockchain are advised to use caution and thoroughly research before getting involved. This is due to the significant risk of “rug pulls,” which was recently demonstrated during the presale of Slerf meme coin, resulting in approximately $11 million in losses for individuals.
Solana Co-founders Issue Warning
The founders of Solana, Raj Gokal and Anatoly Yakovenko, have repeatedly advised against participating in unpredictable presales of Solana meme coins like LIKE. In fact, an investigation conducted by ZachXBT revealed that the losses from the LIke presale reached a staggering 52,220 SOL, equivalent to approximately $8.1 million based on current prices.
During this time, the MOONKE meme coin project by RockyXBT for Solana resulted in a loss of 37,470 SOL, which is approximately $5.81 million. Furthermore, nine other meme coin presales on the Solana blockchain resulted in a combined loss of 90,961 SOL, or around $14.1 million. The crypto investigator disclosed that the majority of these projects haven’t published a thorough whitepaper and have yet to share their token addresses.
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2024-04-22 10:15