The URF meme coin staff dedicated a rug pull and disappeared with 2,400 SOL collected through the coin’s presale.
In line with on-chain researcher ZachXBT, the meme token staff on the Solana blockchain withdrew Solana (SOL) value about $450,000.
The builders accomplished the fraud lower than 24 hours after URF launched. The staff additionally used the funds raised through the asset’s sale to commerce different meme tokens on Solana. The venture’s social community exercise has been dormant since March 26.
ZachXBT seen that influencer Bryce Corridor supported the venture by posting a number of posts however has since modified and gone silent concerning the unreliable cryptocurrency.
Beforehand, ZachXBT estimated that from March 12 to March 20, 33 presales of tokens value round $149 million occurred on the Solana blockchain. The analyst recognized a number of fraud instances with whole losses of roughly $4.4 million, admitting that it is a partial record.
Some business specialists have criticized the meme coin growth, fearing a bubble burst. Founder and CEO of CryptoQuant, Ki Yoon Joo, stated that such initiatives hurt the crypto business. Joo in contrast the scenario to ICO mania in 2018, which resulted in most traders dropping their investments.
Nonetheless, Ethereum Co-Founder Vitalik Buterin urged to not be biased towards meme cash, stating that the asset ought to be given new usefulness qualities.