As reported by CryptoPotato, despite the Solana network outage, a large number of projects are still being launched on its blockchain. This is usually a sign of growing demand. However, the latest report paints a different picture. Blockchain security firm Blockaid revealed in a report shared with CryptoPotato that 50% of the recent pre-sale token launches on Solana were found to be malicious. These scammers took advantage of the high risk appetite triggered by users' FOMO (fear of missing out) about the market recovery. Their tactics are very similar to scams observed in other cryptocurrency platforms, including the use of social engineering platforms such as Telegram, Twitter, and Discord to trick users into interacting with malicious addresses or websites. The craze for meme coins and the possibility of quick profits amid market volatility further exacerbate the vulnerability of inexperienced and novice users to these scams. Blockaid's threat intelligence team observed a significant increase in the acceptance of pre-sale tokens in February and March of this year, rapidly increasing from dozens to hundreds. This surge was mainly driven by the exponential growth of legitimate meme coins. The team also claims that Solana’s ecosystem may lack adequate security measures, essentially making it easy for scammers to exploit it.
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