Investigation Shows 655,000 Solana Valued $122.5M Sent to Scam Presales

• Crypto enthusiasts have lost 655K SOL tokens valued at over $122.5 million to fraudulent presales.
• Crypto investigator ZachXBT noted that scammers often implement a wallet drain function.
• A victim lost approximately $1.2 million after connecting their wallet to a fake presale website.

Prominent crypto investigator ZachXBT has uncovered the significant monetary funds lost to fraudulent crypto presales. Recently, ZachXBT beamed his searchlight on the recent trend of launching a cryptocurrency through a presale, particularly Solana-based meme coins. 

Solana meme coins have been a subject of significant interest in the crypto community as a number of them have emerged as top performers, ultimately securing listing on prominent centralized exchanges.

However, bad actors have capitalized on this trend to defraud unsuspecting market participants seeking to profit from the Solana meme coin frenzy. ZachXBT identified at least 27 presale scams related to Solana meme coins. His investigation has shown that these 27 fraudulent presales successfully siphoned 655,000 Solana tokens valued at over $122.5 million.

Moreover, ZachXBT has suggested that these scammers are able to amass staggering sums by implementing a wallet drain function. In an earlier post, he uncovered the case of a fraudster who raised over $2.6 million within a day. 

The scammer had impersonated a notable figure in the crypto scene, making the plot successful. The largest single victim lost approximately $1.2 million to the fraud as the victim’s wallet was wiped after connecting to the fake presale website.

These scam trends have sparked concerns in the crypto community, with some seeing them impact the DeFi space generally. “All of these raises were in a relatively short time, too, so there’s no way SEC just sits back and allows it to continue,” X user Pennski remarked.