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27 Proposed Solana Projects Raised $122 Million in Presale Meta

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Solana is seeing a huge surge in its ecosystem usage as several as developers launch several memecoin on the platform. It is worth noting that a considerable number of these launches were user sponsored.

The new trend with these memecoins is individuals going to communities especially X with claims of launching a token within SOL ecosystem. They solicit funds from prospective buyers who willingly offer those funds to finance the project with hopes of massive returns when it goes live.

Investors Lose Over 650,000 Solana

ZachXBT exposed several of these proposed tokens as scam. In his investigations, he asserted that 655,000 Solana ($122.5M) raised from 27 presales. According to him, these presales took place on March 12. This is only counting those on Solana and the numbers are excluding presales happening on other chains.

As per the image he shared, all of the launches either failed or the admins did a rugpull. To this effect, less than 40% of the memecoins had a contract account. Additionally, one popular crypto influencer claimed he burned all of the funds he received while trying to mint tokens.

The latest hike in crypto scams comes amidst the growing demand of cryptocurrency. The FUD in the market is at one of its peaks as the Fear and Greed Index hit a high of 98 in recent times.

In addition to the scams, the crypto market is seeing an increase in cryptojacking.

As per reports by Peckshield, the cryptocurrency market witnessed numerous cyberattacks in February resulting in a total loss of $360.8 million. The cybersecurity firm highlighted that among these attacks, 21 stood out notably.

In February 2024, this figure represented a significant increase of 97.6% compared to January 2024, serving as a stark reminder to all stakeholders in the digital realm.

According to the provided data, over 80% of the funds lost by cryptocurrency projects were attributed to a single hack involving PlayDapp. Initially, an unauthorized wallet generated 200 million PLA tokens, valued at approximately $36.5 million.

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