Solana Presale Meme Coin Scam Exposed: ZachXBT Names Founders of Abandoned Projects

Blockchain security researcher ZachXBT has flagged 12 Solana-based meme coin founders for abandoning projects after raising a collective $26.7 million through pre-sale token offerings. The founders, including Pokeepandaa, Vombatus_Eth, and Emperor, are accused of engaging in deceptive practices such as "grifting" and pocketing a percentage of the liquidity provider tokens. ZachXBT cautions crypto users against investing in future projects launched by these individuals, highlighting the prevalence of "rug pull" scams where developers abscond with funds after raising capital.

Solana Presale Meme Coin Fraud: ZachXBT Exposes Founders of Abandoned Projects

Blockchain security researcher ZachXBT has uncovered a trail of deceit within the Solana ecosystem, exposing 12 founders who masterminded presale meme coin scams that have defrauded investors of millions of dollars.

Millions Vanish as Projects Abandoned

ZachXBT's meticulous investigation has identified the founders behind 12 Solana meme coins, including Pokeepandaa (LIKE), RockyXBT (MOONKE), and Pepecasso1 (FROG). These founders raised a staggering 180,650 SOL (approximately $26.7 million) through presales, only to abandon their projects and vanish with the funds.

Pokeepandaa's Massive Haul

Among the fraudulent founders, Pokeepandaa stands out as the biggest beneficiary, amassing 52,220 SOL in the LIKE token presale. RockyXBT and Pepecasso1 follow closely with 37,470 and 30,000 SOL raised, respectively.

Deceptive Tactics Employed

ZachXBT's investigation reveals a pattern of deceptive tactics employed by these founders. In the case of Emperor, the founder of the THICK token, ZachXBT alleges that he "bundled launch for profit + pocketed % of LP." This practice involves bundling the launch of multiple meme coins to create an illusion of legitimacy and generate hype that ultimately benefits the founder financially.

'Huge Grifter': Vombatus_Eth Accused

Vombatus_Eth, the founder of the MILK token, has been labeled a "huge grifter" by ZachXBT. This term refers to fraudsters who use dishonest tactics to swindle individuals out of money.

Warning to Investors

In light of these findings, ZachXBT strongly advises investors to avoid any future projects launched by these fraudulent founders. He emphasizes that those who participated in these presales should consider themselves victims and report any suspicious activity to the relevant authorities.

Rug Pull Epidemic

Rug pulls, a type of scam prevalent in the cryptocurrency industry, involve founders raising funds and then abandoning projects, leaving investors with worthless tokens. ZachXBT's exposé highlights the alarming extent of this problem within the Solana ecosystem.

Community Concerns

The Solana community has expressed concern over the prevalence of rug pulls, with one user questioning the rationale behind presales for meme coins. Another user stressed that genuine meme coins rely on strong communities and cannot be artificially created through presales.

Transparency and Accountability

ZachXBT's relentless pursuit of rug pull perpetrators underscores the importance of transparency and accountability in the cryptocurrency industry. By exposing these fraudulent founders, he aims to deter future scams and protect unsuspecting investors.

Conclusion

ZachXBT's investigation serves as a stark reminder of the risks associated with unvetted cryptocurrency projects. Investors are urged to exercise extreme caution when investing in meme coins and to conduct thorough due diligence before committing funds. By shining a light on these fraudulent practices, ZachXBT is contributing to the safeguarding of the cryptocurrency ecosystem and promoting ethical and transparent transactions.