In a regarding pattern throughout the cryptoc area, over $26 million value 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 Finds Solana Meme Coin Presale Rip-off
Crypto sleuth ZachXBT took to social media platform X to ship a stark warning. He said, “Just one month has handed and 12 of the Solana presale meme cash have been utterly deserted after elevating >180,650 SOL ($26.7M).” This staggering determine highlights the magnitude of the problem, 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 as much as >796,000 SOL ($149.2M) from 33 presales.” Regardless of the substantial funds raised, many of those tasks have succumbed to rug pulls, leaving buyers empty-handed. Furthermore, the crypto detective vowed to “keep away” from such tasks and suggested the group to do the identical.
One such instance is the case of URF, a meme coin promoted by influencer Bryce Corridor. Moreover, ZachXBT revealed that URF managed to boost roughly 2400 SOL ($450K) in its presale. Nonetheless, the staff disappearred inside 24 hours of launch. The detective famous, “The staff disappeared lower than 24 hrs after launch and social media accounts have had zero exercise since March 26.”
As an alternative of fulfilling their obligations to buyers, the URF staff has been utilizing the remaining presale funds for buying and selling meme cash. This additional exacerbated the losses suffered by buyers. As well as, these incidents have raised critical considerations throughout the crypto group in regards to the lack of accountability and transparency in meme coin presales on the Solana blockchain.
Therefore, the detective suggested buyers to train warning and due diligence earlier than collaborating in such meme coin tasks, as the chance 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 Challenge Warning
Solana co-founders Raj Gokal and Anatoly Yakovenko have repeatedly warned buyers from contemplating such random Solana meme coin presales on X. Moreover, ZachXBT’s investigation reveals that the LIKE meme coin presale led to the largest lack of 52,220 SOL, which is value round $8.10 million based on the present worth.
In the meantime, RockyXBT’s MOONKE Solana meme coin mission led to a lack of 37,470 SOL, equal to $5.81 million. As well as, 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. As well as, the crypto sleuth revealed that the majority of those tasks haven’t even launched a correct whitepaper nor have they talked about the token tackle.
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The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
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