In a regarding development throughout the crypto house, over $26 million price of Solana (SOL) has been misplaced in rugged presales of Solana meme cash. ZachXBT, a crypto detective, has make clear the alarming state of affairs, revealing the extent of the losses incurred by buyers.
ZachXBT Unearths Solana Meme Coin Presale Scam
Crypto sleuth ZachXBT took to social media platform X to ship a stark warning. He said, “Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).” This staggering determine highlights the magnitude of the difficulty, with quite a few tasks failing to ship on their guarantees after elevating vital quantities of SOL.
His investigation additional uncovered the dimensions of the issue, with ZachXBT reporting earlier in March, “SOL raised is up to >796,000 SOL ($149.2M) from 33 presales.” Despite the substantial funds raised, many of those tasks have succumbed to rug pulls, leaving buyers empty-handed. Moreover, the crypto detective vowed to “stay away” from such tasks and suggested the neighborhood to do the identical.
One such instance is the case of URF, a meme coin promoted by influencer Bryce Hall. Furthermore, ZachXBT revealed that URF managed to lift roughly 2400 SOL ($450K) in its presale. However, the workforce disappeared inside 24 hours of launch. The detective famous, “The team disappeared less than 24 hrs after launch and social media accounts have had zero activity since March 26.”
Instead of fulfilling their obligations to buyers, the URF workforce has been utilizing the remaining presale funds for buying and selling meme cash. This additional exacerbated the losses suffered by buyers. In addition, these incidents have raised critical issues throughout the crypto neighborhood concerning the lack of accountability and transparency in meme coin presales on the Solana blockchain.
Hence, the detective suggested buyers to train warning and due diligence earlier than taking part in such meme coin tasks, as the danger of rug pulls stays excessive. Earlier, Solana’s Slerf meme coin presale rugged with almost $11 million losses to people.
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Solana Co-founders Issue Warning
Solana co-founders Raj Gokal and Anatoly Yakovenko have repeatedly warned buyers from contemplating such random Solana meme coin presales on X. Furthermore, ZachXBT’s investigation reveals that the LIKE meme coin presale led to the largest lack of 52,220 SOL, which is price round $8.10 million in line with the present worth.
Meanwhile, RockyXBT’s MOONKE Solana meme coin venture led to a lack of 37,470 SOL, equal to $5.81 million. In addition, different 10 such meme coin presales on the Solana blockchain led to a lack of 90,961 SOL, valued at a staggering $14.1 million. In addition, the crypto sleuth revealed that almost all of those tasks haven’t even launched a correct whitepaper nor have they talked about the token tackle.
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