The appeal of meme coins combined with the development of cryptocurrency has created an avenue for fraud. In one recent incident, the creators of a Solana-based altcoin project disappeared after a successful pre-sale, leaving investors adrift and helpless in a classic rug pull maneuver.
A new rug pull alert on the Solana network: 2,400 SOLs were stolen
Blockchain researcher ZachXBT, known for his work uncovering crypto scams, shed light on this scheme through a social media post. The project, identified as URF, reportedly benefited from significant publicity from American social media personality and boxer Bryce Hall. ZachXBT alleges that Hall’s involvement played a pivotal role in deceiving investors.
By promoting the URF pre-sale, Hall seemingly lent legitimacy to the project. He encouraged investors to contribute a significant amount of SOL 2,400, roughly equivalent to $450,000 at the time. But the celebratory mood surrounding the launch was short-lived. Less than 24 hours after the project was implemented, the URF team disappeared without a trace. The lack of any activity on social media accounts since March 26 left investors in a difficult situation.
The team behind the project is trading altcoins
Other items proving the rug pull show that the creators actively used the stolen funds to exchange other meme coins on cryptocurrency exchanges. ZachXBT is affiliated with the URF team and has identified a private wallet address named 2Y8hZh5on4q9wyqXoNYC8oYPUVQMunrzqW8qDmxup4R8 that is currently used for these illegal activities.
This incident is far from an isolated incident. ZachXBT highlighted the increasingly interesting trend on the Solana Blockchain in a previous post. cryptokoin.com As we reported, between March 12 and March 20 alone, a staggering SOL 96,000 (approximately $178.1 million) was raised through 33 separate presales, all of which resulted in the creators disappearing along with the invested funds. Between the dates in question, pre-sale meme coins such as BOME were flying.
Meme coin investment requires great caution
Moreover, ZachXBT meticulously documented these 33 events and even updated the list according to the suggestions of its followers. This effort exposes a network of scams preying on unsuspecting investors in the Solana ecosystem. The URF rug pull movement reminds crypto enthusiasts to be extremely careful before investing in meme coins, especially those with aggressive pre-sale campaigns and celebrity endorsements. A thorough research on the project team, whitepaper and overall legitimacy is crucial to avoid becoming a victim of such scams.
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