The last Solana meme coin project to raise funds, Condom, caused a loss of $906,000. Solana Labs Co-Founder advised investors not to send money to random Solana addresses. He also warned against Solana meme coin presale projects that result in millions in losses.
Important warning from Solana co-founder!
Raj Gokal, Co-Founder and COO of Solana Labs, warned investors in a statement. Gokal advised against sending money to random Solana addresses for pre-sales. Meanwhile, cryptokoin.comAs you follow from , investors suffered a significant loss of $906,000 due to the pre-sale of Condom, a meme coin on the Solana Blockchain. Gokal’s advice comes after this incident.
Gokal’s warning comes after several SOL meme coin projects proved to be flimsy before launch. The last presale in question, which featured a Solana meme coin called CONDOM, managed to raise a significant amount of 4,965 SOL. Funds raised were equivalent to $906,000. However, the project team carried out a solid ‘exit scam’ just before its planned launch. Moreover, pre-sale investors were stunned by the loss, as the creators of the project disappeared with the collected funds.
to pre-sales attention!
Additionally, Gokal’s statement highlighted the risks involved in participating in random presales, especially on platforms like X, where fraudulent schemes can easily lure unsuspecting investors. Additionally, the Solana community emphasized the importance of sticking to verified and reliable sources when evaluating investment opportunities. Moreover, Gokal urged investors to be alert to potential scams and scams.
As reported by on-chain sleuth ZachXBT, recent Solana meme coin projects collectively raised over 796,000 SOLs, equivalent to $149.2 million, through 33 presales in March. ZachXBT points out fraudulent activities where some projects are ‘rug-pull’ and the team refuses to return SOL
Other notable scams in the crypto market
ZachXBT revealed Sartoshi0x’s presale address. The on-chain detective revealed that he pocketed 62% of the SOL from the pre-sale of this project. He also claimed that he did not distribute the tokens as promised. A screenshot revealed that 4,434 SOLs worth over $800,000 purchased for the MILK project were transferred to a new address and not to the LP.
In another case, investors sent 2,100 SOL to an address where Jared_eth purported to be a fake Jared MEV bot account on X. This scheme previously fooled investors who sent $440,000 to a fake Jared account for a pre-sale in June 2023.
Additionally, investors sent 3300 SOL to Blue Kirby. Initially, the team promised a refund. However, they refused to refund the investors, accusing them of being “scammers”. In fact, they went back on their word by publishing an irrational article.
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