Reportedly, 50% of Solana’s recent token launches are fraudulent scams.

• Blockaid, a blockchain security firm that shared a report with CryptoPotato revealed 50% of the recent token pre-sales on Solana were malicious. Fraudsters’ tactics in the Layer 1 ecosystem are similar to those used on other crypto platforms.
• Social engineering tools such as Telegram and Twitter can be used to trick people into visiting malicious sites or addresses.
• This is a continuing discussion meme coin frenzy As well as the possibility of quick profits in the midst of market volatility, this scam further exposed novices and those with little experience to it.

“Scammers capitalize on the excitement surrounding meme coins to lure investors, exploiting fear of missing out (FOMO) and the promise of lucrative returns.”

• Blockaid’s team of threat intelligence observed an increase in pre-sale purchases in March and February of this year. The number of tokens purchased quickly increased, from just a handful to several hundred.
• The growth in popularity of legitimate meme currencies was responsible for this boom.
• It was also alleged that Solana’s ecosystem could be lacking in adequate security, making it susceptible to scammers.
• The data from the security company shows that these groups have targeted even the most popular cryptocurrency projects, underlining the threat of pre-sale frauds in the industry.