Investigator Exposes more Scams in $122.5 Million Fraudulent Presale Scheme

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  • 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.

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