SlowMist experts suspected the creator of the TEMPLE token on Solana in a scam

From the presale wallet, investors’ funds were redirected to many other addresses

21.03.2024 - 09:50

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2 min

What’s new? Experts at blockchain audit company SlowMist suspected the Solana blockchain-based Temple Pharmacy project of scam. Its creator announced the launch of the TEMPLE token using the presale method and collected 32 097 SOL from investors worth over $6 million at current prices, after which the presale was closed. He promised to provide details about the launch on March 21, but four hours after the announcement, he started transferring investor funds from the presale address to other wallets.

Source: Twitter.com

What else is known? The project’s creator later said that some of the funds were distributed to multiple hardware wallets to increase their security, while others were sent to an unnamed centralized exchange (CEX) and its market makers to provide liquidity ahead of the upcoming listing.

He added that immediately before the deployment of the asset, the funds will again be sent to one address for distribution among the presale participants.

Source: Twitter.com

Presale involves investors sending cryptocurrency to the creator’s address and receiving a weighted distribution of tokens once the project is launched. In this case, there is no guarantee that the investor will receive new tokens in exchange for the sent cryptocurrency, making presale an extremely popular model for scammers.

Earlier, a researcher under the nickname ZachXBT told about several cases of real, rather than alleged, fraud on meme token presales on the Solana network. Of the 27 projects launched since March 12, at least three turned out to be fraudulent, and the total amount of damage exceeded $3,5 million.

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