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Cryptocurrency pre-sales have become the big thing in 2024, especially Solana memecoins. However, this trend also opened up space for scammers to create fake projects and try to steal their users. And in that sense, detective ZachXBT warned that these scams have already caused losses of US$26 million in Solana alone.

In a message on his profile on the social network X, ZachXBT revealed the extent of the losses suffered by investors. More than 10 pre-sale memecoin projects are simply abandoned, revealing the possibility of scams.

“Only 1 month has passed and 12 of Solana’s memecoin pre-sales have been completely abandoned after raising around 180 thousand SOL ($26.7 million in current values)”, warned the detective.

This staggering number highlights the magnitude of the problem: despite pre-sales success, many projects have failed to deliver on their promises after raising significant amounts of funding. Therefore, it is crucial to carefully evaluate the project and your team’s history before investing in any pre-sales.

Memecoin presale scams

According to ZackXBT, until last month there were 33 pre-sales of memecoins and other projects on Solana. In total, they raised 796 thousand SOL, or approximately US$149.2 million. Many legitimate pre-sales, such as Dogeverse and Slothana, have led the way in capturing the market by offering good designs and a reputable and reliable team.

On the other hand, other projects turned out to be rug pull scams, in which the creators abandoned everything with the funds raised, leaving investors empty-handed. Furthermore, ZachXBT promised to “stay away” from such projects and advised the community to do the same.

An example is the case of URF, a memecoin promoted by influencer Bryce Hall. ZachXBT revealed that URF managed to raise approximately 2,400 SOL ($450,000) in its pre-sale. However, the team disappeared 24 hours after launch.

The detective noted that the team “disappeared less than 24 hours after launch and social media accounts have had no activity since March 26.” Instead of fulfilling its obligations to investors, the URF team has been using the remaining presale funds to trade other memecoins. This further exacerbated the losses suffered by investors.

Additionally, these incidents have raised serious concerns in the community about the lack of accountability and transparency in Solana pre-sales. ZachXBT advised investors to exercise caution and due diligence before participating in such meme coin projects, as the risk of rug pulls remains high.

Solana co-founders issue warning

Those who also warned members of the Solana community about scams were Raj Gokal and Anatoly Yakovenko, co-founders of the network. The duo has repeatedly warned investors not to invest in random pre-sales.

One of these pre-sales was of the memecoin LIKE, which led to SOL’s biggest loss: 52,220 units, worth around US$8.10 million at the current price. In second place was MOONKE, whose creators disappeared with 37,470 SOL, equivalent to US$5.81 million.

Another 10 memecoin pre-sales on Solana led to a loss of 90,961 SOL, valued at a staggering $14.1 million. Many of these projects did not even have a white paper or a minimally functional project, which shows the risks of investing based on market euphoria.

Always check the history of a project before investing, to know if that team is competent and honest. Additionally, never invest in projects that do not have goals in a roadmap or a suitable white paper to describe their objectives and operations.

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