Condom, the latest Solana meme coin project to raise funds, has suffered a loss of $906,000. Solana Labs Co-Founder advised investors not to send money to random Solana addresses. He also warned against Solana meme coin pre-sale projects that resulted in millions in losses.

Important warning from Solana’s co-founder!

Raj Gokal, Co-Founder and COO of Solana Labs, warned investors in a statement. Gokal advised against sending money to random Solana addresses for pre-sales. Meanwhile, Cryptocoin.comAs you have been following from Solana Blockchain, investors suffered a significant loss of $906,000 in funds due to the pre-sale of Condom, a meme coin on the Solana Blockchain. Gokal’s nu recommendation comes after this event.

Gokal’s warning comes after several SOL meme coin projects have flopped before launch. The last pre-sale in question, involving a Solana meme coin called CONDOM, managed to raise a significant amount of 4,965 SOL. The funds raised were equivalent to $906,000. However, the project team carried out a solid ‘exit scam’ just before its planned launch. Moreover, pre-sale investors were stunned by the loss as the project’s creators disappeared with the funds raised.

Pre-sales are now open Attention!

In addition, Gokal’s statement highlighted the risks associated with participating in random pre-sales, especially on platforms like X, where fraudulent schemes can easily lure unsuspecting investors. Furthermore, the Solana community emphasized the importance of sticking to verified and reliable sources when evaluating investment opportunities. Moreover, Gokal urged investors to be vigilant against potential scams and fraud.

As reported by on-chain sleuth ZachXBT, recent Solana meme coin projects collectively raised over 796,000 SOL, equivalent to $149.2 million, in 33 pre-sales in March. ZachXBT pointed out that some projects were ‘rug-pulls’ and fraudulent activities where the team refused to return SOL

Other notable scams in the crypto market

ZachXBT exposed the pre-sale address of Sartoshi0x. The on-chain detective revealed that this project pocketed 62% of the SOL from the pre-sale. He also claimed that it did not distribute the tokens as promised. A screenshot revealed that 4,434 SOLs worth over $800,000 purchased for the MILK project were not transferred to the LP but to a new address.

In another case, investors sent 2,100 SOLs to an address purported to be a fake Jared MEV bot account of Jared_eth at X. This scheme had previously fooled investors who sent $440,000 to a fake Jared account for a presale on June 2023.
In addition, investors sent 3300 SOL to Blue Kirby. Initially, the team promised a refund. But they refused to refund, accusing investors of being “scammers”. They even went back on their word by publishing an irrational article.