Crypto: 50% of token presales on Solana would be scams!

Blockchain security company Blockaid warns investors: about half of the token pre-sales on Solana recently might be fraudulent. This alarming revelation could shake confidence in the crypto ecosystem.

The Fever of Pre-sales on Solana

Token pre-sales on the Solana blockchain are booming, especially fueled by the craze for “memecoins” like Book of Meme (BOME), which have generated staggering returns. In a single weekend last month, nearly 100 million dollars were invested in these operations, often blindly, according to Blockaid.

This frenzy is explained by the disconcertingly easy way anyone can launch a token pre-sale. All the issuer has to do is publish the address of a smart contract and promise investors a distribution of tokens proportional to their deposits.

The fear of missing out on an opportunity leads many users to dive headfirst into these operations.

Formidable Social Engineering Techniques

Unfortunately, this excitement leaves investors vulnerable to scams. According to Ben Natan, CEO of Blockaid, perpetrators utilize sophisticated social engineering techniques on social networks like Telegram, Twitter, and Discord to hook their victims.

Scammers target both new memecoins and established projects. They entice users to interact with booby-trapped smart contracts or websites. Even the most prominent crypto assets are not spared by these malicious groups.

The excitement around “memecoins” and the frantic search for quick profits expose investors to increasingly sophisticated schemes. Caution is more necessary than ever.

In short, the crypto market remains a Wild West where the lure of easy money can quickly turn into a nightmare. The case of fraudulent pre-sales on Solana shows how crucial it is to be extra vigilant. A sudden drop in prices, triggered by a loss of confidence, is never out of the question. Investors need to keep a cool head and resist the pressure of FOMO, at the risk of losing it all.