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Home»ADOPTION NEWS»Solana memecoin Slerf accidentally burns $10 million in pre-sale funds.
ADOPTION NEWS

Solana memecoin Slerf accidentally burns $10 million in pre-sale funds.

By Crypto FlexsMarch 18, 20243 Mins Read
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Solana memecoin Slerf accidentally burns  million in pre-sale funds.
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Posted 1 minute ago In ~

Updated: March 18, 2024, 5:31 AM EDT

Slerf, a new Solana-based memecoin, is facing serious problems after the project’s developers accidentally burned a large portion of the token’s supply. This effectively resulted in pre-sale participants losing all of their money, or $10 million.

Official X account for the “Guys I f—ed up” project wrote. “The LP and tokens set aside for the airdrop have been burned. The mint permission has already been revoked, so you cannot mint. There is no way to fix it. I am truly sorry.”

The Slerf team later went to X Spaces to explain the situation in more detail. Team member Slorg said he was “sick to my stomach” at Space on X. “I literally feel like I’m going to throw up.”

“I am speechless,” he added. “I don’t know what to do.”

When Slorg called the Slerf project a “side quest,” a Spaces participant said, “Losing $10 million on a side quest is crazy.”

SLERF’s price has surged around 242% in the past hour behind the news, with various players in X Space claiming that the best course of action moving forward is to “send it to $1 billion.”

This incident follows a surge in pre-sales of Solana-based memecoins over the weekend. During this period, various random projects emerged and received significant funding, often in the millions of dollars.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).

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