- Investigator ZachXBT gives updates on presale scams targeting Solana investors.
- Scammers Drain 655,000 SOL Tokens & collectively over $122.5 million from investors.
- One victim loses $1.2 million after connecting their wallet to a fake presale website.
In a recent X post, blockchain sleuth ZachXBT exposed tactics used by scammers targeting Solana investors. One such scammer who goes by the username of “Sartoshi0x’s” account secretly pocketed a 62% of the SOL raised from a presale, totaling 7,000 SOL, and failed to fully distribute the promised tokens to investors.
A user who goes by the name of ‘Jared_eth’ on X turned out to be a fake impersonating a well-known crypto figure, Jared MEV. This incident echoes a similar scam in June 2023, where another fake Jared account swindled investors out of $440,000.
Another scammer who goes by the username of ‘bluekirbyftm’ following the presale, “rugged” the project. They swept away the funds raised and even published a nonsensical article defending their actions.
On 19th March, ZachXBT’s investigation revealed a reality underlying the recent surge in Solana-based meme coins. Eager investors, drawn by the temptation of high returns, participated in presales, only to fall victim to a web of fraudulent schemes.
Uncovering at least 27 such scams, ZachXBT’s highly detailed inquiry exposed a network of deceit that drained over 655,000 SOL tokens, valued at a staggering $122.5 million.
The methods employed by these scammers varied, yet shared a common goal of exploitation. Additionally, tactics such as “wallet drain” functions were used to steal funds directly from investors’ wallets leaving many devastated. In one particularly concerning case, a single investor suffered a staggering loss of $1.2 million after connecting their wallet to a fake presale website.
Among the identified scammers, Vombatus who goes by the user name of ‘Vombatus_eth ‘ on X, emerged as a repeat offender with a pattern of fraudulent activity by “rug pulling” another token after a presale that raised a significant sum of 13,000 SOL. As authorities and investors grapple with the aftermath of these scams, ZachXBT’s revelations serve as a stark reminder of the risks inherent in the volatile world of cryptocurrency investment.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
