Solana blockchain cryptocurrency collapses, causing a loss of $ 523,000

The recent pre-sale of memecoin on the Solana blockchain has turned into a crash. The price of the asset fell, and the community started talking about the security of meme projects again

Over the past few weeks, the Solana network has been experiencing a real memecoin fever. Traders have managed to make substantial profits on some meme tokens, while community members have lost a lot of money on others.

In late March, influencer Machi Big Brother launched a memecoin called Boba Oppa (BOBAOPPA). He actively raised funds for his project among the community. The minimum investment amount was 1 SOL. As a result, Boba Oppa managed to raise more than $ 40 million in SOL tokens.

Already at the fundraising stage, some members of the crypto community expressed distrust in the project. In their opinion, the distribution of funds was not transparent enough.

on March 31, their fears were confirmed. The price of the new BOBAOPPA memecoin suddenly plummeted by almost 50%. On April 1, Solareum, a Telegram trading bot powered by Solana, was hacked and subsequently shut down. Due to the exploit, owners of more than 300 crypto wallets lost a total of $ 523,000 in SOL.

«We, the Solareum team, do not steal money. Many SOLAR users' wallets were hacked, but this is another precedent for a common type of exploit. Such incidents have occurred with other dApps and trading bots ,» the Solareum team said.

Many investors have started switching from Solana meme coins to Base. Analyst Rect Fenser, who used to make money on Solana meme coins, now advocates Base tokens, citing their potential for significant profits. In addition, Coinbase plans to launch services that will allow for seamless Base trading for its 100 million users, which will further increase the platform’s appeal.