Solana Memecoin Slerf accidentally Burns $10 million worth of funds raised from presale investors
A Developer accidentally burnt $10 million earlier today which was supposed to airdrop to presale participants. This is the worst thing i have come across recently which is very aad that how stupid it is.
Lets start from the beginning, It was a $SLERF presale that lasted around 12 hours and raised a $10m funding. From the funding he used 50% to add liquidity to raydium while 50% of the funding he burnt along with airdrop tokens accidentally.
According to the developer he accidentally sent the airdrop tokens to the burn address. It was something which was very hard to believe as how the fuck one cant do such a mistake.
The developer told that he cannot mint more tokens so the presale participants didnt get any token and lost their money.
As no one had any $SLERF , it went as fair launch. People rushed in knowing that there will be no sell pressure as presale aprticipants didnt get any $SLERF. IN no time the token reached close to $800 million marketcap. The price hit from $0.08 to $1.25 withing few minutes after launch. This had left presale participants crying as they could only see the $SLERF pumping.
Well, the news went viral all over the internet. Many news websites covered the incident thoroughly.
Developers admitted his mistake but the damage has already been done. The funds burnt cannot be recovered any way. He posted on X for help . Till now he didnt posted that how will he compensate presale participants. All he mentioned is that he is in discussions with other platforms who promised to help him to settle things. No one knows that how this is going to process. On nothing is clear that burnt funds cannot be accessed.
We do not know if developer did this on purpose to get hype and advertisement. Before burning airdrop tokens he sent 1050 sol to his personal adress. This raised a lot of questions. Things seems to be looking shady.
To be honest i am also one of the presale participant. But thanks to God i have participated with only $28 of Sol. This presale was recommended to me from one of my closed friend. I did a little research before sending sol. Bozo collective was supporting this presale this is why i trusted it as Bozo has a good reputation in solana ecosystem.
If Bozo did not have posted about $SLERF i would have never participated in this fuckin presale. Well i am fine as it was not a big amount but i feel sorry for those who invested a lot of money into the presale as they have lost the funds.
$SLERF is still trading , its now trending everywhere because of the fucking mistake the developer has made. This will always be remembered that how stupid the developer is that he couldnt handle the simple thing.
Well, its also a lesson for everyone of us that we should not invest what we cannot afford to lose and dyor before investing in a project.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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