Solana (SOL) Holders Beware: New Scam Targets Pump.fun Platform
A new scam targeting Solana (SOL) holders has emerged, and crypto researcher “Short Form King” is calling out the tactics used by these fraudsters. These scammers are using a clever method that manages to slip past most people’s usual research processes, making it particularly dangerous for unsuspecting investors.
How the Scam Works
The scammers create “well-crafted” meme coins and use “experienced teams” to make the coins appear legitimate, even deceiving seasoned traders. One example is NOFEAR, a token that received endorsements from key opinion leaders (KOLs) but turned out to be a scam. The team behind NOFEAR manipulated the supply, causing the price to crash.
Red Flags to Look Out For
Short Form King advises Solana holders to be aware of the following red flags:
* **Lack of Engagement:** A lack of comments or engagement in the “thread” section on Pump.fun is a sign that the coin was likely listed for a short time before its binding curve was completed, indicating potential malicious intent.
* **Unusual Buying Patterns:** Look out for unusual buying patterns in the “Trades” section on Pump.fun platforms, especially if there are no corresponding sell orders and limited trading history.
* **Limited Experience:** If the coin creators have no previous experience with Pump.fun coins, it could be a sign that the coin is vulnerable to a rug pull.
Scammers Use “Washing” Services to Avoid Detection
The scammers behind these rug pulls are also manipulating their profiles to avoid detection by platforms like Bubblemaps, a tool for auditing DeFi tokens and NFTs. They use “washing” services like Solnado or fund their accounts from multiple unlinked centralized exchanges, creating the illusion of separate individuals. These accounts typically remain inactive until they combine all funds into a single wallet to execute the rug pull.
Protecting Yourself from Solana Scams
It’s important to be vigilant and do your research before investing in any cryptocurrency. Look for coins with a transparent team, a solid roadmap, and a strong community. If something seems too good to be true, it probably is. Remember, if you’re unsure, it’s always best to err on the side of caution.
