In 1 month $27 million was raised by fraudsters via Solana meme crypto pre-sale


A crypto detective found that 12 Solana meme token projects raised $26.7 million worth of Sol coins but never launched the token, in the last 30 days.

ZachXBT is a popular crypto detective. He is only known for his best strategy of tracing crypto transactions. In the past, many times he showed his interest in multiple crypto scams, to bring the backend ponzi crypto dark story into the public domain & keep as many people safe from scams. 

On 22 April 2024, ZachXBT shared a list of 12 Solana meme token projects which never launched by the founders, following the completion of the token pre-sale round. 

As per his investigation, so far 12 Solana meme token projects raised more than 180,650 SOL ($26.7M) and completely abandoned the project.

ZachXBT suggested people not invest or show interest in any kind of project backed by the mentioned list of founders. 

Here we need to understand that these are only those scam crypto projects that were traced & identified by ZachXBT, while there are huge numbers of projects that are still uncovered. 

For instance, ZachXBT forgot to mention a project that raised 5,000 sol coins but abandoned the launch of the token.

In a follow-up tweet, ZachXBT said that it is not only happening under the ecosystem of the Solana crypto network but also in other crypto networks e.g. Base blockchain network. 

It is worth it to note that over the past couple of months, ZachXBT shared multiple Solala meme coin projects which wisely used the public money (pre-sale) for personal benefits and only injected a very small amount of the funding into the liquidity pool. 

Our, the team, investigation found that the majority of the small crypto traders are looking to make huge money with very small investments and for this, they are investing in multiple meme crypto tokens at once in small amounts but the majority of them are failing. 

Bad actors are taking advantage of this greediness of crypto investors and easily getting huge numbers of investors for their new crypto meme projects. 

Read also: SEC Attorneys Resign Amidst Criticism Over Cryptocurrency Case Handling