Ethereum

Solana

ZachXBT

Influencer

<p class="is-style-lead">The URF meme coin team committed a rug pull and disappeared with 2,400 SOL collected during the coin’s presale.</p> 
<p>According to on-chain researcher ZachXBT, the meme token team on the Solana blockchain withdrew Solana (<a href="https://crypto.news/price/Solana/" target="_blank" rel="noreferrer noopener">SOL</a>) worth about $450,000.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Influencer <a href="https://twitter.com/BryceHall?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BryceHall</a> made multiple posts promoting a sketchy Solana presale for a meme coin called URF helping them raise ~2400 SOL ($450k).<br><br>The team disappeared less than 24 hrs after launch and social media accounts have had zero activity since March 26. <br><br>The URF team… <a href="https://t.co/0onzoQudBt" target="_blank">pic.twitter.com/0onzoQudBt</a></p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1775271634926289053?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">April 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The developers completed the fraud less than 24 hours after URF launched. The team also used the funds raised during the asset’s sale to trade other meme tokens on Solana. The project’s social network activity has been dormant since March 26. </p> 
<p>ZachXBT noticed that influencer Bryce Hall supported the project by posting several posts but has since changed and gone silent about the unreliable cryptocurrency.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">stop dming me to promote shit coins, i’ve graduated from that life style</p>— Bryce Hall (@BryceHall) <a href="https://twitter.com/BryceHall/status/1775308457639616975?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">April 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Previously, ZachXBT <a href="https://crypto.news/solana-meme-coin-fundraiser/" target="_blank" rel="noreferrer noopener">estimated</a> that from March 12 to March 20, 33 presales of tokens worth around $149 million took place on the <a href="https://crypto.news/tag/Solana/" target="_blank" rel="noreferrer noopener">Solana</a> blockchain. The analyst identified several fraud cases with total losses of approximately $4.4 million, admitting that this is a partial list.</p> 
<p>Some industry experts have criticized the meme coin boom, fearing a bubble burst. Founder and CEO of CryptoQuant, Ki Yoon Joo, <a href="https://crypto.news/cryptoquant-ceo-says-meme-coins-are-worse-than-shitcoin-icos-sparks-heated-debates/" target="_blank" rel="noreferrer noopener">stated</a> that such projects harm the crypto industry. Joo compared the situation to ICO mania in 2018, which resulted in most investors losing their investments.</p> 
<p>However, Ethereum Co-Founder Vitalik Buterin <a href="https://crypto.news/vitalik-buterin-calls-for-higher-quality-meme-coins/">urged</a> not to be biased toward meme coins, stating that the asset should be given new usefulness qualities.</p> 
<p> You might also like: <a href="https://crypto.news/meme-coin-narratives-q1-2024/"> CoinGecko: Meme coin narratives gain 1,313% during Q1 </a> </p>

Solana meme token developers commit rug pull following presale

crypto.news

Other articles published on Apr 3, 2024

Top 5 Cardano Tokens for 50x Gains This Bull Season

Top Gaming Coins to Buy Before the Upcoming Bull Run – 99Bitcoins Video Review

Solana Price Prediction And SOL Meme Coins With Airdrops To Watch

FTX ad-hoc grows to $700k in claims as community prepares for bankruptcy vote

Breaking News: The 3 things That Will Send B itgert Coin’s Price Soaring

Unbelievable! Hedera Price Could Skyrocket 10x Soon – Here’s Why!

Join our free newsletter for daily crypto updates!