The cryptocurrency market has been shaken by a series of unfortunate events recently. Most recently, Slerf, a Solana-based meme coin project, shocked its investors by “accidentally” burning $10 million worth of SOL it collected from the pre-sale. Here are the details…
Pre-sale disaster in Solana meme coin project
Slerf, a new Solana-based meme coin, was in the pre-sale process. However, a developer of the project burned the coins. Slerf held a pre-sale with the logic of “Send me SOL and I will send you the new meme coin” and collected 535,000 SOL from investors. This amount corresponds to approximately 10.4 million dollars. However, the project developer made a big mistake by burning the liquidity pool (LP) and tokens allocated for the airdrop. After this mistake, all SOL invested by investors in the pre-sale was irreversibly lost.
Investors were left angry and disappointed following this mistake. Many called the project a scam and threatened to take legal action against the developers. Angry comments and reactions from investors snowballed on social media. One investor asked, “How can you burn $10 million? Is it a joke?” While another wrote: “Give me my money back!” said.
Is it fraud? Accident?
The project developer acknowledged the mistake and apologized. The developer argued that he made a mistake in trying to burn the LP and accidentally burned investors’ SOLs as well. However, investors were not convinced by this explanation. Many people think that the developer deliberately made this mistake to defraud investors. Slerf was one of the projects that wanted to take advantage of the meme coin craze that has emerged on the Solana network recently. BOME, the first project of this trend, cryptokoin.com As we reported, it attracted great attention with an increase of up to 400 times.
However, as seen in the Slerf example, many projects that followed this trend could not meet the expectations of investors. Because the majority of them ended in disappointment. The $10 million disaster in Slerf once again reveals the risks in the cryptocurrency market. It is of great importance for investors to research projects and teams in detail and consider the risks before investing.
Investors need to be careful
The $10 million disaster in Slerf once again reveals the risks in the cryptocurrency market and how fragile investments are. Investors need to research projects and teams in detail before investing. It is also very important that they consider the risks. Investors should be careful about risky projects such as meme coin and diversify their investments. While the cryptocurrency market is an exciting and fast-growing space, it is important for investors to always consider the risks and err on the side of caution.
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