Solana Memecoin: Over $26M Vanished in Presale Fraud

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ZachXBT, a crypto investigator, has uncovered a worrying development in the world of cryptocurrency regarding Solana Presales. Per his investigation, more than $26 million worth of Solana (SOL) has been lost in these risky presales of Solana memecoins. The crypto detective sheds light on the magnitude of losses suffered by investors. 

ZachXBT’s unwavering commitment, extensive knowledge, and years of experience have been invaluable in exposing fraudulent activities, identifying scams, and bringing attention to suspicious transactions. His dedication and expertise have made a significant impact in uncovering these deceptive practices and protecting the crypto community.

ZachXBT: Crypto Scam Nemesis  

The crypto detective revealed that 12 Solana presale memecoins had been abandoned within just one month. Unfortunately, despite the significant funds raised, numerous projects left investors with nothing as it turned out to be a rug pull. Recently, Solana’s Slerf memecoin presale resulted in individuals losing nearly $11 million. 

Memecoins, from protocols like Solana, can be quite risky due to their speculative nature. These coins often lack a solid foundation or underlying value, relying heavily on hype and social media trends. As a result, their prices can be highly volatile, leading to potential losses for investors. 

Furthermore, the crypto investigator revealed that the $LIKE memecoin Presale resulted in the largest loss of 52,220 SOL, which is currently valued at around $8.10 million. Similarly, the $MOONKE Solana memecoin project, led by RockyXBT, resulted in a loss of 37,470 SOL, equivalent to $5.81 million. 

Overall, there have been 10 other memecoin Presales on the Solana blockchain that collectively led to a loss of 90,961 SOL, valued at an astounding $14.1 million.

Not all that glitters is Gold

Conducting a presale is simple. A token issuer posts a smart contract address and tells investors to deposit crypto tokens on the promise that, when the presale ends, the newly issued tokens will be distributed to users based on the relative sizes of their deposits. But the ease at which someone can start a token presale, coupled with investors’ Fear of Missing Out (FOMO), has led to a significant increase in scams.

Referencing the URF case, a memecoin that gained attention through influencer Bryce Hall’s promotion. ZachXBT uncovered that URF managed to raise around 2,400 SOL ($450K) in its presale. 

The team disappeared less than 24 hours after launch and their social media accounts have been inactive since March 26 ZachXBT tweeted on X. Instead of fulfilling their commitments to investors, the URF team used the remaining presale funds for trading memecoins which only worsened the losses suffered by investors. 

Presales cause more harm than good 

Solana co-founders Raj Gokal and Anatoly Yakovenko have been consistently advising investors to exercise caution when it comes to participating in random Solana memecoin Presales on X. 

The on-chain investigator himself pledged to steer clear of such projects and advised the community to do the same. It is crucial to approach them with caution and conduct thorough research before investing to avoid falling victim to these scams. It is worth noting that many of these projects lack a proper whitepaper and fail to provide the token address with a higher chance of causing more harm than good.

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