Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » Ecosystem » $150 million raised in Solana’s ‘pre-sale mania’ by daring investors

$150 million raised in Solana's ‘pre-sale mania’ by daring investors

by

In just one week, users deposited SOL in 33 different wallets expecting to receive meme coins with significant upward potential.

$150 million raised in Solana's ‘pre-sale mania’ by daring investors

Share this article

Since Mar. 12, a total of 33 ‘personal wallet pre-sales’ raised almost $150 million to distribute meme coins on Solana (SOL), according to an X (formerly Twitter) post from on-chain sleuth ZachXBT. This pre-sale method consists of investors sending SOL to someone’s wallet with the promise of receiving tokens.

The Book of Meme (BOME) pre-sale started this new ‘mania’ in crypto on Mar. 12, with the BOME token rising up to 5.000%. Its popularity was so high that centralized exchanges listed BOME within 24 hours of its launch, with some of these platforms offering perpetual contract trading.

Despite the pre-sale model’s popularization, it is important to highlight that this is a very risky type of investment since the funds are sent to a regular user’s wallet. This means that the funds are not escrowed in a smart contract, and don’t have any safeguarding methods – users must trust that the tokens they paid for will be sent.

$150 million raised in Solana's ‘pre-sale mania’ by daring investors
A few of Solana’s pre-sales conducted in the past seven days. Image: ZachXBT

ZachXBT highlighted a pre-sale where the scammer escaped with around 135 SOL, roughly $25,000 considering the SOL price at the time of writing, from investors who sent funds to his address in exchange for a meme coin. After deactivating its X profile on Mar. 17, the scammer came back with another fake account attempting to perform another pre-sale.

In a more sophisticated scam involving the pre-sale craze, a scammer impersonated a notorious profile on X who goes by Ansem, and managed to get away with over $2.6 million from users who believed the real profile was conducting a meme coin pre-sale.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.