- Solana co-founder Anatoly Yakovenko urged the community to stop meme coin presales.
- Yakovenko’s statement comes amid the rise of fraudulent meme coin presales via the Solana network.
- Investigation shows that 655K SOL tokens worth over $122 million have been lost to fraud presales.
Anatoly Yakovenko, one of the founders of the Solana Blockchain, has expressed apprehension about the recent trend of meme coin presales on the Solana network. He particularly urged the community to halt such endeavors.
Yakovenko made the statement in a recent post on X amid the revelation of the staggering amount of SOL tokens that have been fraudulently siphoned through sham meme coin presales. “Stop doing this,” the Solana founder declared.
Solana meme coins have recently garnered considerable attention within the crypto community as several like BONK, BOME, and WIF have emerged as top performers. Meanwhile, malicious individuals have exploited this trend to deceive unsuspecting market participants eager to capitalize on the Solana meme coin craze.
As reported recently, fraudsters have made way with 655,000 Solana tokens, totaling $122.5 million, through 27 fraudulent meme coin presales. This revelation came from an investigation conducted by renowned crypto detective ZachXBT. The investigator also disclosed that these perpetrators are able to accumulate substantial sums in the sham presales by employing a wallet drain mechanism.
Interestingly, some malicious actors have resorted to hacking the Twitter account of hardware wallet provider Trezor to promote another fraudulent presale, soliciting Solana tokens from unsuspecting individuals. The perpetrator raised $8,100 worth of SOL tokens through this illicit scheme.
These scam trends have raised concerns within the crypto community, with some observing their potential impact on the broader DeFi space. Given the financial implications and the negative reputation they bring to the industry, the founder of Solana is urging the community to discontinue the fraudulent activities.
In response to the statement, an X user emphasized that scams tarnish the essence of the user experience within Solana. They noted that during the bear market, Solana supported builders, but now, this spirit seems to have been overshadowed by the prevalence of sending money to random addresses.
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