• In a report shared with CryptoPotato, blockchain safety firm Blockaid revealed that fifty% of latest pre-sale token launches on Solana have been malicious. The methods employed by fraudsters throughout the widespread Layer 1 ecosystem carefully resemble these noticed in different cryptocurrency platforms.
• This consists of leveraging social engineering platforms akin to Telegram, Twitter, and Discord to trick customers into participating with malicious addresses or web sites.
• The continued meme coin frenzy in addition to the potential for fast earnings amidst market volatility additional exacerbated the vulnerability of inexperienced and novice customers to those scams.

“Scammers capitalize on the thrill surrounding meme cash to lure buyers, exploiting concern of lacking out (FOMO) and the promise of profitable returns.”

• Firstly, in February and March of this 12 months, Blockaid’s risk intelligence workforce noticed a major surge within the uptake of pre-sale tokens, which shortly elevated from just a few tens to a whole lot of purchases.
• This surge was largely pushed by the exponential development of legit meme cash.
• The workforce additionally claimed that Solana’s ecosystem could lack enough safety measures, basically leaving it susceptible to exploitation by scammers.
• In truth, the safety agency’s information signifies that even widespread tasks have been focused by these teams, highlighting the continued risk posed by pre-sale scams throughout the cryptocurrency business.