Investigator Unveils Further Fraudulent Schemes in 122.5 Million Dollars Presale Scam

Crypto News– Blockchain investigator ZachXBT recently exposed a series of scams targeting Solana investors in a detailed post on X. One scammer, operating under the username ‘Sartoshi0x,’ clandestinely pocketed 62% of SOL raised in a presale, totaling 7,000 SOL, and failed to distribute the promised tokens to investors.

Investigator Unveils Further Fraudulent Schemes in 122.5 Million Dollars Presale Scam

Another scam involved a fake user, ‘Jared_eth,’ impersonating well-known crypto figure Jared MEV, reminiscent of a previous incident in June 2023 where a fake Jared account defrauded investors of $440,000.

In yet another instance, a user named ‘bluekirbyftm’ ‘rugged’ the project post-presale, absconding with raised funds and publishing a nonsensical article to justify their actions.

ZachXBT’s investigation on March 19th exposed a surge in Solana-based meme coins and unveiled at least 27 scams, draining over 655,000 SOL tokens valued at $122.5 million. Scammers employed various methods, including ‘wallet drain’ functions, directly stealing funds from investors’ wallets. One victim suffered a massive loss of $1.2 million after connecting their wallet to a fake presale website.

Among the identified scammers, ‘Vombatus_eth’ emerged as a repeat offender, ‘rug pulling’ another token after a presale that raised 13,000 SOL. ZachXBT’s findings serve as a stark reminder of the risks in cryptocurrency investment, prompting both authorities and investors to confront the aftermath of these scams.