Solana Co-Founder Advises Caution on X Presales

Solana Co-founder issued a stern warning against sending money to random Solana addresses for presale purchases.

A harsh warning has been sent to investors by Raj Gokal, solana co-founder and chief operating officer of Solana Labs, in the form of a cautionary note regarding X.

Solana Co-Founder Issues Major Warning

It is not a good idea, according to him, to send money to random Solana addresses for presale purchases. Furthermore, this caution from Solana co-founder comes on the heels of a significant cash loss totaling $906,000 that occurred as a result of a rough meme currency presale that took place on the Solana blockchain.

Solana co-founder Gokal posted a message on X that read, “Do not send money to random Solana addresses for presale on Twitter.” To exacerbate the situation, this severe warning coincides with the collapse of several Solana meme currency initiatives prior to their distribution.

The most recent presale successfully raised a significant amount of 4,965 SOL for a Solana meme coin known as CONDOM. Just before the planned launch, a problematic exit scam exposed the $906,000 cash.

The project’s founders disappeared with the raised funds, leaving the presale participants reeling from the unexpected loss.

Furthermore, Solana Co-founder Gokal’s remark underscored the risks associated with participating in random presales, especially on platforms like X, where fraudulent schemes can easily lure investors who lack awareness of their surroundings.

Furthermore, the Solana community, in collaboration with Gokal, emphasized the importance of relying on verified and trustworthy sources when considering potential investment opportunities.

In addition, investors must maintain vigilance to avoid falling victim to potential frauds and rug pulls. ZachXBT announced that throughout March, recent Solana meme currency projects together raised about 796,000 SOL, which is equivalent to $149.2 million.

This was accomplished through 33 presales. He discovered that fraudulent actions were occurring, leading to specific projects experiencing delays and refusing to repay SOL.

ZachXBT faces accusations of improperly pocketing 62% of the generated SOL from the presale and failing to distribute tokens as promised.

He leaked the presale address that Sartoshi0x provided. A screenshot revealed that the MILK project had not transferred 4,434 SOL, valued over $800,000, to the LP, but rather to a new address.

Another instance was sending 2100 SOL to an address on X that was reportedly a bogus Jared MEV bot account. The address was given by Jared_eth.

This ruse deceived investors in the past, leading them to contribute an additional $440,000 to a fictitious Jared account to participate in a presale in June of 2023. Blue Kirby, named after a con artist who allegedly pulled their Solana meme coin presale, also received 3300 SOL.

In the beginning, they offered assurances that they would repay investors. Still, they later broke their word by writing an insane essay in which they refused to refund investors and accused them of being “scammers.”

Interestingly, the developer of the Solana-based Slerf cryptocurrency mistakenly set fire to the limited partnership and 500 million airdrop tokens, leading to accusations of involvement in a Ponzi scheme.

The revocation of minting rights resulted in losses for presale investors amounting to $10.8 million, and there was no way for them to recover their losses.

In light of the growing worries over ventures of this nature, Anatoly Yakovenko, one of the co-founders of Solana, has also issued a warning, advising against investing in such enterprises.