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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-ecosystem-shaken-by-scams-and-market-crash/" data-wpel-link="internal">Solana Ecosystem Shaken by Scams and Market Crash</a> 
Solana (SOL) ecosystem has been rocked by a series of issues including a significant market crash and a major memecoin presale scam. <a href="https://en.coin-turk.com/bitcoin-and-altcoins-show-positive-trends-despite-volatility/" data-wpel-link="internal">Crypto</a> detective ZachXBT has uncovered numerous scams involving presale events of Solana-based memecoins, revealing fraudulent activities and investor losses. ZachXBT’s findings shared on Twitter show that 33 projects collected 796,000 SOL worth $149.2 million in presales. 
<h2 style="text-align: justify" id="strong-warnings-issued-following-presale-activities-strong">Warnings Issued Following Presale Activities</h2> 
The fraud includes various fake accounts, including one alleged to be Sartoshi0x, which pocketed a significant portion of SOL from presales without distributing the promised tokens to participants. Other examples include fake accounts associated with prominent names in the crypto world, such as Jared_eth and Blue Kirby, which have led to significant losses for investors. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-330621" src="https://coin-turk.com/wp-content/uploads/2024/03/Solana-SOL-memecoin.jpeg" alt="" width="1280" height="720"> 
This fraud has shaken investors’ confidence in the Solana network, particularly in new memecoins, leading to a cautious outlook. In the wake of growing concerns, Solana’s co-founder Anatoly Yakovenko has warned against investing in such projects. 
Amidst the turmoil in the Solana ecosystem, major cryptocurrencies like <a href="https://en.coin-turk.com/famous-analyst-worries-about-the-financialization-of-bitcoin/" data-wpel-link="internal">Bitcoin</a> (BTC) and Ethereum (ETH) have suffered significant losses in value. Some market observers attribute this decline to the chaos within the Solana ecosystem. BTC has fallen below $62,000, while ETH has dropped to $3,100, with the general market expectation pointing towards a continued downtrend. 
<h2 style="text-align: justify" id="strong-sol-and-solana-based-memecoins-under-selling-pressure-strong">SOL and Solana-Based Memecoins Under Selling Pressure</h2> 
SOL continues to face pressure despite recovering from low levels, trading at $171.31 with a 7.50% decrease over the last 24 hours. Meanwhile, the total value locked (TVL) on the Solana network has also plummeted sharply. The TVL, which had risen above $4.5 billion at the beginning of the week, is now at $3.86 billion. 
Altcoins based on Solana, including Jupiter (JUP), Raydium, Orca (ORCA), and Slerf (SLERF), have also experienced significant price drops amidst the chaos. The Slerf project, in particular, became a target of fraud allegations after the developer accidentally burned presale and AirDrop tokens, resulting in significant losses for many investors. 
Recent spikes in some Solana-based memecoins, such as Bonk (BONK) and Book of Meme (BOME), have increased suspicions of insider trading and pump-and-dump schemes. Notably, <a href="https://en.coin-turk.com/binance-expands-futures-trading-to-include-new-altcoins/" data-wpel-link="internal">Binance</a> had to initiate an internal investigation into the listing of BOME due to allegations raised in the crypto community. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-ecosystem-shaken-by-scams-and-market-crash/" data-wpel-link="internal">Solana Ecosystem Shaken by Scams and Market Crash</a></h5>

Solana Ecosystem Shaken by Scams and Market Crash

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