Solana Meme Coin Craze Leads to Investor Scams, Nearly $150 Million Lost

The post Solana Meme Coin Craze Leads to Investor Scams, Nearly $150 Million Lost appeared first on Coinpedia Fintech News

The excitement surrounding meme coins on the Solana blockchain has culminated in a troubling trend of presale scams and rug pulls, deceiving investors out of nearly $150 million in recent days. Onchain investigator ZachXBT has shed light on the alarming wave of fraudulent activities, pinpointing 34 presale scams that have amassed over 796,000 SOL (approximately $149.2 million) from March 12 to the present.

This frenzy saw a significant spike just yesterday, with 655,000 SOL ($122.5 million) raised from 27 different presales, many of which were identified as either small-scale scams or outright deceptions.

Notable Scams and Deceptive Practices

@Sartoshi0x’s misappropriation: 62% of the presale raised in 7000 SOL  was surreptitiously acquired by a person who had initially stated that it would be dispatched to investors, but he did not follow through with his promise.

Fake Jared MEV bot account: In the other instance, the supposed presale brand owner’s $2100 SOL was sent to @Jared_eth and addressed. Investigations showed it was just a fake account of MEV bot imitation, which led to significant losses for investors due to the possible market manipulation.

@bluekirbyftm’s betrayal: What’s more, a foggy presale from @bluekirbyftm, named after a person who ran a scam, ended up in a rug pull. The person initially promised to refund the money, but then he denied he made such a promise, leaving some investors in total disorder and confusion.

@Vombatus_eth’s rugged token: Along with the list of other scams, @Vombatus_eth made another rug pull right after the vulnerable presale of over 13000 SOL. In the end, the investors suffered more from this heart-breaking pullout.

Wider Impact and Calls for Caution

These scams highlight the vulnerabilities within the Solana meme coin space and underscore a growing trend of phishing attacks. A recent incident involving the Trezor wallet provider’s X account, compromised by hackers, resulted in a relatively small loss of $8,100 through phishing links—a stark contrast to the larger sums swindled in presale scams.

As the community reels from these setbacks, the repeated occurrences of scams cast a long shadow over the credibility and security of investing in meme coins on the Solana network. Investors are urged to exercise heightened caution, avoiding the allure of quick profits peddled by fraudulent schemes.

This tumultuous period serves as a critical reminder of the importance of due diligence and the inherent risks of chasing trends without a thorough understanding of the underlying projects and their operators.