Investigator Exposes more Scams in $122.5 Million Fraudulent Presale Scheme — TradingView News

Are Solana Investors Being Scammed?

Blockchain sleuth ZachXBT recently exposed tactics used by scammers targeting Solana investors. One such scammer, known as "Sartoshi0x," pocketed 7,000 SOL (62% of the presale funds) and failed to distribute the promised tokens.

Is Jared MEV an Imposter?

A fake Jared MEV account on Twitter (Jared_eth) has surfaced, reminiscent of a similar scam in June 2023 where a bogus Jared account swindled investors out of $440,000.

Who Is Behind the Solana Rug Pulls?

ZachXBT's investigation uncovered 27 fraudulent schemes that drained over 655,000 SOL tokens (worth $122.5 million) from investors. The tactics employed included "wallet drain" functions that directly pilfered funds from investors' wallets.

Repeat Offenders Emerge

Vombatus, known as Vombatus_eth on Twitter, stands out as a repeat offender, having "rug pulled" another token after a presale that raised 13,000 SOL.

Are Investors Falling for the Hype?

ZachXBT's revelations expose the risks inherent in cryptocurrency investment, particularly in the wake of the recent surge in Solana-based meme coins. Eager investors drawn by the promise of high returns are falling victim to a web of fraudulent schemes.

How Can Investors Protect Themselves?

As authorities and investors grapple with the aftermath of these scams, ZachXBT's investigation serves as a stark reminder to exercise caution when investing in cryptocurrency. Due diligence, research, and vigilance are crucial to avoid becoming a victim of these predatory tactics.