{"id":3349,"date":"2024-04-22T07:51:28","date_gmt":"2024-04-22T07:51:28","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/04\/22\/over-26m-sol-lost-in-rugged-presales\/"},"modified":"2024-04-22T07:51:28","modified_gmt":"2024-04-22T07:51:28","slug":"over-26m-sol-lost-in-rugged-presales","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/04\/22\/over-26m-sol-lost-in-rugged-presales\/","title":{"rendered":"Over $26M SOL Lost In Rugged Presales"},"content":{"rendered":"
\n

In a concerning trend within the crypto space, over $26 million worth of Solana (SOL)<\/a> 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.<\/p>\n

ZachXBT Unearths Solana Meme Coin Presale Scam<\/h2>\n

Crypto sleuth ZachXBT took to social media platform X to deliver a stark warning. He stated, \u201cOnly 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).\u201d This staggering figure highlights the magnitude of the issue, with numerous projects failing to deliver on their promises after raising significant amounts of SOL.<\/p>\n

<\/p>\n

His investigation further uncovered the scale of the problem, with ZachXBT reporting earlier in March, \u201cSOL raised is up to >796,000 SOL ($149.2M) from 33 presales.\u201d Despite the substantial funds raised, many of these projects have succumbed to rug pulls, leaving investors empty-handed. Moreover, the crypto detective vowed to \u201cstay away\u201d from such projects and advised the community to do the same.<\/p>\n

One such example is the case of URF, a meme coin promoted by influencer Bryce Hall. Furthermore, ZachXBT<\/a> 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, \u201cThe team disappeared less than 24 hrs after launch and social media accounts have had zero activity since March 26.\u201d<\/p>\n

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<\/a>.<\/p>\n

<\/p>\n

<\/p>\n

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\u2019s Slerf meme coin presale rugged with nearly $11 million losses to individuals.<\/p>\n

Also Read: Crypto Headlines Of The Week: BTC Halving, Solana, & Meme Coins Ignite Bullishness<\/a><\/strong><\/p>\n

Solana Co-founders Issue Warning<\/h2>\n

Solana co-founders Raj Gokal<\/a> and Anatoly Yakovenko have repeatedly warned investors from considering such random Solana meme coin<\/a> presales on X. Furthermore, ZachXBT\u2019s 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.<\/p>\n

<\/p>\n

Meanwhile, RockyXBT\u2019s 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.<\/p>\n

Also Read:\u00a0Top 4 Cryptocurrencies to Buy After Bitcoin Halving<\/a><\/strong><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<\/p>\n

\n
\n
\n
\n
\n<\/p>\n

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

\n \"\"