In a cautionary assertion on X, Raj Gokal, the Co-Founder and COO of Solana Labs, has issued a stern warning to traders. He advises in opposition to sending funds to random Solana addresses for presales. Moreover, this advisory comes within the wake of a big lack of $906,000 in funds because of a rugged meme coin presale on the Solana blockchain.
Solana Co-Founder Points Main Warning
Gokal took to X and wrote, “Don’t ship cash to random solana addresses for presales on twitter.” Furthermore, this stark warning comes after a number of Solana meme coin initiatives rugged earlier than launch. The newest presale in query, involving a Solana meme coin named CONDOM, managed to boost a considerable quantity of 4,965 SOL.
The funding was equal to $906,000, which was misplaced after encountering a rugged exit rip-off simply earlier than its scheduled launch. Furthermore, the presale traders have been left reeling from the loss because the challenge’s creators disappeared with the raised funds.
As well as, Gokal’s assertion underscored the dangers related to taking part in random presales, notably on platforms like X, the place fraudulent schemes can simply lure unsuspecting traders. Moreover, the Solana group, alongside Gokal, emphasised the significance of adhering to verified and trusted sources when contemplating funding alternatives. Furthermore, they urge traders to stay vigilant in opposition to potential scams and rug pulls.
Latest Solana meme coin initiatives collectively raised over 796,000 SOL in March, equal to $149.2 million, via 33 presales, as reported by ZachXBT. He introduced consideration to fraudulent actions, the place some initiatives witnessed rug pulls and declined to refund SOL.
Additionally Learn: You Gained’t Imagine Who Tops The Solana Wealthy Listing: Unveiling Prime SOL Holders
Different Rugged Initiatives
ZachXBT disclosed the presale tackle by Sartoshi0x, allegedly pocketing 62% of the SOL from the presale and failing to distribute tokens as promised. A screenshot revealed that 4,434 SOL, value over $800,000, acquired for the MILK challenge, wasn’t transferred to the LP however to a brand new tackle.
In one other case, 2100 SOL was despatched to an tackle by Jared_eth on X, purportedly a pretend Jared MEV bot account. This scheme beforehand duped traders who despatched a further $440,000 to a pretend Jared account for a presale in June 2023.
Moreover, 3300 SOL was despatched to Blue Kirby, named after a scammer who rug pulled their Solana meme coin presale. Initially, guarantees of refunds have been made, however they reneged by publishing an unhinged article, refusing to refund traders accusing them of being “scammers.”
Moreover, the Solana-based Slerf crypto confronted allegations of Ponzi scheme involvement when its developer by accident burned the LP and 500 million airdrop tokens. Presale traders suffered losses of $10.8 million as minting rights have been revoked, leaving no avenue for restoration. Amid rising issues about such initiatives, Solana Co-founder Anatoly Yakovenko additionally sounded the alarm, advising in opposition to investing in them.
Additionally Learn: 3 Stable Causes Why Solana Worth Poised To Hit $300 In April
The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.
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