Solana presale scam: Investors lose $26.7 million in less than two months

06:59 PM | 2 May, 2024
Solana presale scam: Investors lose $26.7 million in less than two months

In a cautionary tale for crypto investors, the fallout from a recent Solana presale has left the investors reeling after losing a staggering $26.7 million. The incident, which unfolded just 1.5 months ago, saw X influencers enticing users with presale links promising lucrative returns. Despite the allure, investors soon found themselves trapped in a liquidity trap, as 12 projects failed to deliver on their promises, leaving the investors empty-handed.

The presale frenzy was fueled by an influx of funds from eager investors, drawn in by the prospect of acquiring tokens at seemingly reasonable prices. However, the aftermath revealed a harsh reality: the projects were nothing more than elaborate schemes, with no tangible products or prospects for success. As a result, investors were left grappling with significant losses.

The lack of accountability from the X influencers behind the presale further exacerbates the situation, with no prominent response or recourse offered to the affected investors. 

In response to the debacle, a recent tweet has urged caution, advising investors to steer clear of any future projects associated with the founders behind the failed presale. 

As the crypto market continues to evolve and attract new investors, incidents like these serve as a timely reminder for individuals to exercise due diligence when navigating the crypto space, emphasizing the importance of thoroughly researching projects and the credibility of those involved.

The author is a staff member.


Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 May 2024

Pakistani currency rates against US Dollar and other currencies on May 28, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.25 for selling.

Euro stands at 298 for buying and 301 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal increased to 73.45.

Source: Forex Association of Pakistan. (last update 08:00 AM)

Currency Symbol Buying Selling
US Dollar USD 277.4 280.25
Euro EUR 298 301
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.25 75.9
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.03 748.03
Canadian Dollar CAD 203 205
China Yuan CNY 38.42 38.82
Danish Krone DKK 40.44 40.84
Hong Kong Dollar HKD 35.62 35.97
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 904.07 913.07
Malaysian Ringgit MYR 59.05 59.65
New Zealand Dollar NZD 170.03 172.03
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.64 731.64
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 304.75 307.25
Thai Bhat THB 7.6 7.75


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