According to CryptoPotato, despite network outages, Solana's blockchain has seen a surge in project launches. However, a recent report reveals that 50% of these pre-sale token launches have been malicious. The report, shared by blockchain security company Blockaid, suggests that fraudsters are exploiting users' fear of missing out (FOMO) amidst a market-wide resurgence.
The tactics used by these fraudsters within Solana's Layer 1 ecosystem mirror those seen on other cryptocurrency platforms. They often use social engineering platforms such as Telegram, Twitter, and Discord to trick users into interacting with malicious addresses or websites. The current meme coin frenzy and the potential for quick profits in a volatile market have increased the vulnerability of inexperienced and novice users to these scams.
Blockaid's threat intelligence team noted a significant increase in the uptake of pre-sale tokens in February and March of this year. The number of purchases quickly rose from a few tens to hundreds, largely driven by the exponential growth of legitimate meme coins. The team also suggested that Solana's ecosystem may lack sufficient security measures, making it susceptible to exploitation by scammers.
The security firm's data indicates that even popular projects have been targeted by these groups, underlining the ongoing threat of pre-sale scams within the cryptocurrency industry. This highlights the need for users to exercise caution when engaging with pre-sale token launches, particularly on platforms that may lack robust security measures.