Solana Meme Coin Slerf Pre-sale Causes $10M Loss

Slerf project on Solana suffered a major disaster when the developer accidentally burned a significant portion of the token supply.

Slerf, a meme coin project based in Solana, has been involved in a significant disaster, causing investors in cryptocurrencies to experience a stunning change of events.

As a result, the presale investors of Slerf suffered losses of more than $10 million as a result of an accident caused by the project’s developer.

Slerf Developer Reveals Shocking Update

Recently, the project developer took to X and said he had mistakenly burned a significant chunk of the token supply. These assets fall under the category of liquidity provision (LP) and airdrop distribution.

The Slerf project, with its account HdENn8…HgNAsF, successfully raised more than 50,000 SOL and more than 10 million dollars. This is when the unfortunate event occurred.

However, the developer revealed that he had unintentionally destroyed the LP tokens and the entire reserve of the 500 million SLERF tokens meant for the airdrop.

Furthermore, the revocation of the minting rights has rendered any attempts to recover the loss futile. The developer expressed profound regret and grief for the irreparable damage inflicted and extended an apology.

Despite the developer’s efforts to address the issue, the inability to mint new tokens prevented pre-sale investors from recovering their money.

This was without the possibility of obtaining tokens or collecting Solana reimbursements. The Slerf team held an X Spaces session to address the community’s concerns.

Slorg, a member of the team, expressed his extreme dismay and admitted that he was experiencing physical illness as a result of the circumstances.

The individual lamented, “I’m at a loss for words,” indicating they were uncertain about the way forward. A Solana trader, whose identity has not been divulged, took action by exchanging 9,894 Solana (SOL) tokens, which is approximately equivalent to $1.98 million.

As soon as the trading gates opened, he acquired a substantial amount of 69.74 million Slerf tokens, following Lookonchain’s post on X. To take advantage of the skyrocketing market that resulted from the burn, the investor quickly sold their SLERF shares for an astounding 25,001 SOL.

A staggering $5 million was the total amount of the transaction. As a result, he was able to amass gains totaling $3.02 million in just twelve minutes.

The aforementioned incident sparked speculation about the Ponzi scheme’s involvement. Furthermore, the Slerf cryptocurrency experienced a rise of more than 800% today, further fueling such concerns.

In contrast, Solana’s cryptocurrency, Book of Meme (BOME), sparked an investigation by Binance into claims of insider trading after an unprecedented price spike.