In a concerning trend within the crypto space, over $26 million worth of Solana (SOL) has been lost in rugged presales of Solana meme coins. ZachXBT, a crypto detective, has shed light on the alarming situation, revealing the extent of the losses incurred by investors.

ZachXBT Unearths Solana Meme Coin Presale Scam

Crypto sleuth ZachXBT took to social media platform X to deliver a stark warning. He stated, “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 figure highlights the magnitude of the issue, with numerous projects failing to deliver on their promises after raising significant amounts of SOL.

His investigation further uncovered the scale of the problem, 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 these projects have succumbed to rug pulls, leaving investors empty-handed. Moreover, the crypto detective vowed to “stay away” from such projects and advised the community to do the same.

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 disappeared 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.”

Instead of fulfilling their obligations to investors, the URF team has been using the remaining presale funds for trading meme coins. This further exacerbated the losses suffered by investors. In addition, these incidents have raised serious concerns within the crypto community about the lack of accountability and transparency in meme coin presales on the Solana blockchain.

Hence, the detective advised investors to exercise caution and due diligence before participating in such meme coin projects, as the risk of rug pulls remains high. Earlier, Solana’s Slerf meme coin presale rugged with nearly $11 million losses to individuals.

Also Read: Crypto Headlines Of The Week: BTC Halving, Solana, & Meme Coins Ignite Bullishness

Solana Co-founders Issue Warning

Solana co-founders Raj Gokal and Anatoly Yakovenko have repeatedly warned investors from considering such random Solana meme coin presales on X. Furthermore, ZachXBT’s investigation reveals that the LIKE meme coin presale led to the biggest loss of 52,220 SOL, which is worth around $8.10 million according to the current price.

Meanwhile, RockyXBT’s MOONKE Solana meme coin project led to a loss of 37,470 SOL, equivalent to $5.81 million. In addition, other 10 such meme coin presales on the Solana blockchain led to a loss of 90,961 SOL, valued at a staggering $14.1 million. In addition, the crypto sleuth revealed that most of these projects have not even released a proper whitepaper nor have they mentioned the token address.

Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving

The post Solana Meme Coin: Over $26M SOL Lost In Rugged Presales appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am