Blockchain security company Blockaid reported that 50% of recent token pre-sales on Solana were fraudulent. Fraudsters have used social platforms such as Telegram, Twitter and Discord to scam users.

The boom in meme coins and the potential for quick profits in a volatile market environment have increased the vulnerability of inexperienced users to these scams.

The Blockaid team also claims that the Solana ecosystem may lack sufficient security measures, making it vulnerable to exploitation by scammers.