In a new development in the thriving Solana ecosystem, the CONDOM meme coin team is accused of pulling a possibly devastating rug from under investors, leaving them reeling with losses close to $1 million.
The CONDOM project, which uses the Solana network, got a lot of attention during its presale phase, when 4,965 SOL (Solana’s native coin) were sold for about $906,000 each.
However, investors were upset when the team behind CONDOM suddenly deleted the company’s website and all of its important contact channels.A well-known crypto watchdog, Whale Insider, says that people are becoming more suspicious of the CONDOM team’s actions, which is fueling worries of a “rug pull,” a scam in which developers disappear with the funds of investors after a project has initially been successful.
Solana User Harfordton Warns Of Crypto Rug Pulls
User X, known by the pseudonym Harfordton and boasting a substantial following of over 50,000 on social media platform X, has issued a stern warning to the crypto community. Harfordton emphasized the necessity for caution, irrespective of a project’s popularity, echoing concerns surrounding the rise of rug pulls within the burgeoning crypto space.
This incident casts a grim shadow over the Solana network, with the CONDOM debacle reminiscent of a similar rug pull involving the URF meme coin. In that instance, the URF team vanished with 2,400 SOL—equating to roughly $450,000—mere hours after the token’s launch, leaving investors in dismay.
According to reports, the URF team traded other meme tokens on Solana with the funds they got from the presale before going away from all social media sites.ZachXBT, a seasoned crypto expert who goes by a fake name, shared scary numbers about how common rug pulls are in the Solana community.
Since March 12, a crazy 33 presales have happened on Solana, bringing in a total of 796,000 SOL. ZachXBT, on the other hand, pointed out how unclear many of these projects are, citing at least four cases of “rug pulls” that caused losses totaling nearly 25,400 SOL.
These new details put light on the worrying trend of “rug pulls” in the Solana ecosystem, but experts warn that the full scope of these dishonest activities may still be found.
