Ethereum

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ZachXBT

<p>The post <a href="https://coinpedia.org/news/scammers-exploit-solana-based-memecoin-craze-over-100m-lost-in-frauds/">Scammers Exploit Solana-Based Memecoin Craze, Over $100M Lost in Frauds</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>While Solana is riding the wave of high-flying meme tokens, scammers continue to get in on the fraud to rise above unsuspecting buyers in the crypto market. Crypto detective ZachXBT has<a href="https://twitter.com/zachxbt/status/1769948459266707961"> raised</a> the alert again, unveiling a worrying trend that con artists abuse the meme tokens on Solana to commit fraud against the public at the expense of unsuspecting investors.</p> 
<p>This meme coin frenzy has marked a wave within the Solana network. A TVL increase has been seen on the Solana blockchain through these tokens. However, most of these tokens need utility and serve the purpose of being an instrument for speculation only.&nbsp;</p> 
<p>The fact that the majority of investors may find such tokens dubious does not diminish the number of investors who are lured into these tokens with the get-rich-quick hopes of income before they understand all the risks fully.</p> 
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   <p lang="en" dir="ltr">I was interested to see how much SOL has been sent as a result of the presale meta and calculated &gt;655,000 SOL ($122.5M) raised from 27 presales. <a href="https://t.co/dvsW4TSoov">pic.twitter.com/dvsW4TSoov</a></p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1769948459266707961?ref_src=twsrc%5Etfw">March 19, 2024</a>
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<h2 class="wp-block-heading" id="h-over-100-million-raised-for-solana-presales"><strong>Over $100 million raised for Solana presales</strong></h2> 
<p>ZachXBT, an on-chain detective has <a href="https://twitter.com/zachxbt/status/1769948459266707961">exposed</a> the cases of fraudsters where people used the meme token phenomenon on the Solana platform to carry out intricate scams. He calculated and concluded that nearly&nbsp; 655,000 SOLs valued at $122.5M were raised from 27 different presales most of which are smaller accounts or straight-up scams.</p> 
<h2 class="wp-block-heading" id="h-solana-becomes-the-fourth-largest-crypto-platform-nbsp-globally"><strong>Solana becomes the fourth largest crypto platform&nbsp; globally</strong></h2> 
<p>The Solana Ecosystem, a platform having a meme token frenzy, has been <a href="https://coinpedia.org/price-analysis/solana-memecoins-triumph-amid-anticipated-altcoin-season/">flooded</a> with a massive increase in the trade volume, which has far surpassed that of the defi top DEXs in Ethereum by a 200% margin. Worth nothing within a 24-hour time frame their leading DEXs, for instance, Raydium, Jupiter, and Orca, showed total transaction volumes above $2.4 billion. On the contrary, UniSwap on Ethereum V3 finished trading at $1.3B volume during that period.</p> 
<p>The increase in Solana meme tokens has created an easy environment for scammers to target naive investors. Staying alert and up-to-date as tokens float from meme mania is necessary for crypto believers to fend away from frauds and scams. In doing so the investors’ interest is protected from malicious actors.</p>

Scammers Exploit Solana-Based Memecoin Craze, Over $100M Lost in Frauds

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