Solana-based meme coin team suspected of nearly $1m rug pull

The CONDOM meme coin team on the Solana network collected 4,965 SOL as part of the coin’s presale and deleted its X page.

The funds raised were estimated at $906,000 at the time. Whale Insider reports that the community suspects the CONDOM team of committing a rug pull.

User X, who used the pseudonym Harfordton, called for caution when investing in crypto projects, regardless of popularity. The account had over 50,000 followers on X and was followed by big names.

you can’t trust a damn soul in the crypto market $CONDOM just rugpulled and if you received an airdrop it will drain your wallet.

this account had 50k+ followers and big names following it

$1 million has been rugged and who knows how much has been drained

stop falling for… pic.twitter.com/B1iqcpJ1TZ

— Harfordton (@harfordton) April 3, 2024

Solana meme coin rug pulls becoming trend

Previously, the URF meme coin team disappeared with 2,400 SOL, worth $450,000, collected during the coin’s presale. The developers performed a rug pull less than 24 hours after URF launched. The project’s last activity on social networks was March 26. The URF team also used the funds raised during the asset’s sale to trade other meme tokens on Solana.

A crypto expert under the pseudonym ZachXBT also stated that since March 12, 33 presales have taken place in the Solana ecosystem, attracting 796,000 SOL.

However, most of the projects turned out to be opaque. ZachXBT provided data on at least four cases of rug pulls with total damage of around 25,400 SOL. However, the detective added that such data still needs to be completed.