Blockchain security company Blockaid is warning investors that around half of pre-sale token launches on Solana in recent times are believed to be fraudulent. This worrying revelation could shake confidence in this crypto ecosystem.
Pre-sale fever on Solana
Pre-sales of tokens on the Solana blockchain are on the rise, boosted in particular by the craze around “memecoins” like the Book of Meme (BOME) which have generated dazzling gains. In a single weekend last month, nearly $100 million was invested in these operations, often blindly, according to Blockaid.
This frenzy can be explained by the disconcerting ease with which anyone can start a presale of tokens. The issuer simply publishes the address of a smart contract and promises investors a distribution of tokens proportional to their deposits.
The fear of missing out on an opportunity pushes many users to throw themselves headlong into these operations.
Fearsome social engineering techniques
Unfortunately, this excitement leaves investors vulnerable to scams. According to Ben Natan, CEO of Blockaid, criminals use sophisticated social engineering techniques on social networks like Telegram, Twitter and Discord to lure their victims.
Scammers target new memecoins as well as established projects. They encourage users to interact with smart contracts or tricked websites. Even the most high-profile crypto assets are not spared from these malicious groups.
The excitement around “memecoins” and the frantic search for quick profits are exposing investors to these increasingly sophisticated schemes. Caution is more important than ever.
In short, the crypto market remains a wild west where the lure of easy profit can quickly turn into a nightmare. The example of fraudulent pre-sales on Solana shows how crucial it is to be extra vigilant. A sudden fall in prices, triggered by a loss of confidence, can never be ruled out. Investors must keep a cool head and resist the pressure of FOMO or risk losing everything.
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