Beware! 12 Solana Meme Coin Projects Do a Rug Pull After Raising 180,000 SOL

Bittime - The crypto industry has been shocked again by fraudulent actions that have harmed investors. According to ZachXBT, whose name is already familiar among crypto players, in the last month, 12 Solana meme coin projects have carried out rug pulls after collecting presale funds of more than 180,000 SOL (equivalent to US$26.7 million).

What is Rug Pull?

Rug pull is a term used to describe fraudulent acts in the crypto world. In a rug pull scheme, the developer or project founder withdraws all the funds collected from investors and leaves the project. As a result, investors lose all the funds they invested.

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List of Solana Meme Coin Projects Doing a Rug Pull

Source: Twitter/@zachxbt

Based on the image uploaded by ZachXBT above, there are 12 Solana meme coin projects that are suspected of carrying out a rug pull, including the project's Twitter account, the amount of SOL obtained, the presale wallet address, and the token name. 

Warning from ZachXBT

Responding to this case, ZachXBT advised investors to be careful about projects that will be run by founders or developers involved in the 12 meme coin projects. ZachXBT even suggests avoiding any future projects launched by these founders.

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Tips to Avoid Rug Pulls

Investors, especially those who are beginners, are advised to carry out in-depth research before deciding to invest in a crypto project. Here are some tips to avoid rug pull:

• Study the development team: Find out who is behind the project and whether they have a good track record in the crypto industry.
• Study the whitepaper: A whitepaper is an official document that explains the project, including its technology, goals, and development roadmap. Make sure you read and understand the project whitepaper before investing.
• Be wary of unreasonable promises: If a project offers profits that are too high in a short period of time, it could be an indication of a rug pull scheme.
• Do research on social media: Join the project's community and see how the developers and the community interact.

Rug pull is one of the risks faced by crypto investors. By conducting careful research and following the tips above, it is hoped that investors can avoid losses due to this fraudulent activity.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

6 Ways to Avoid Crypto Rug Pull in DeFi

Large-Scale Crypto Fraud: Rug Pulls Target Thousands of Victims

Beware of "Rug Pull" Schemes in the Crypto World: Chainalysis Report Review

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.