2024-04-15
Despite experiencing network outages, Solana has seen numerous projects being launched on its blockchain.
This usually indicates a rising demand. However, a recent report presents a different story.
These scammers have taken advantage of users' increased risk appetite, fueled by FOMO during a market-wide resurgence.
According to a report from blockchain security company Blockaid, 50% of recent pre-sale token launches on Solana have been malicious.
The tactics employed by fraudsters in the popular Layer 1 ecosystem closely resemble those seen in other cryptocurrency platforms.
They use social engineering platforms like Telegram, Twitter, and Discord to deceive users into interacting with malicious addresses or websites.
The ongoing frenzy around meme coins and the potential for quick profits in a volatile market have made inexperienced users more vulnerable to these scams.
"Scammers exploit the excitement surrounding meme coins to attract investors, taking advantage of FOMO and the promise of high returns."
Blockaid's threat intelligence team noticed a significant increase in the adoption of pre-sale tokens in February and March of this year.
The number of purchases quickly rose from a few tens to hundreds.
This surge was mainly driven by the exponential growth of legitimate meme coins.
The team also suggests that Solana's ecosystem may lack sufficient security measures, making it susceptible to exploitation by scammers.
Even popular projects have been targeted, underscoring the ongoing threat posed by pre-sale scams in the cryptocurrency industry.
