Investor Scams Result in Loss of Nearly $150 Million as Solana Meme Coin Craze Surges
The Solana blockchain has become a hotbed of excitement for meme coins, but unfortunately, this enthusiasm has given rise to a troubling trend of scams and deceit. In recent days, investors have been deceived out of nearly $150 million through presale scams and rug pulls. Onchain investigator ZachXBT has shed light on this alarming wave of fraudulent activities, identifying 34 presale scams that have accumulated over 796,000 SOL (approximately $149.2 million) from March 12 to the present.
This frenzy reached its peak just yesterday, with 27 different presales raising a total of 655,000 SOL ($122.5 million). Many of these presales have been exposed as small-scale scams or outright deceptions. Let’s take a closer look at some notable examples:
Firstly, @Sartoshi0x’s misappropriation involved secretly pocketing 62% of the presale’s 7000 SOL, which was supposed to be distributed to investors. However, this promise was not fulfilled, leaving investors deceived.
Secondly, there was a fake Jared MEV bot account. The brand owner’s $2100 SOL was sent to @Jared_eth, but it was later discovered that this account was a fake imitation of the MEV bot. This led to significant losses for investors due to potential market manipulation.
Thirdly, @bluekirbyftm’s foggy presale ended in a rug pull. The person behind the scam initially promised to refund the money, but later denied making such a promise, causing confusion and disorder among investors.
Lastly, @Vombatus_eth conducted a rug pull right after a vulnerable presale of over 13000 SOL. This heart-breaking pullout caused further suffering for investors.
These scams not only highlight the vulnerabilities within the Solana meme coin space but also underscore a growing trend of phishing attacks. For example, the recent incident involving the compromise of the Trezor wallet provider’s X account through phishing links resulted in a relatively small loss of $8,100. This is in stark contrast to the larger sums swindled through presale scams.
As the community grapples with these setbacks, the repeated occurrence of scams raises concerns about the credibility and security of investing in meme coins on the Solana network. Investors are strongly urged to exercise caution and resist the temptation of quick profits offered by fraudulent schemes.
This tumultuous period serves as a critical reminder of the importance of conducting due diligence and understanding the underlying projects and their operators before jumping on investment trends blindly.