Fraud alert: do not buy the same Solana corner!

Are you seduced yet? Don’t buy it! In fact, the same BONKKILLER coin is actually just a “honeypot” scam.

BONKKILLER holders cannot sell the same coin

Despite only having 1,143 holders, the coin saw a trading volume of around $4.24 million in 24 hours. According to crypto analytics platform Birdeye, more than 90% of tokens are creator-controlled. In addition, an “authority freeze” prevents holders from selling their assets, resulting in their investments being seized.

BONKKILLER’s estimated market cap is actually an anomaly, with a particularly glaring red flag. This number actually exceeds the market cap of Bitcoin by more than 300 times, with the #1 cryptocurrency in the sector having a capitalization of around $1.2 trillion.

To put the absurdity of the situation in perspective, the valuation of this same scam coin is 3.28 times global GDP, which is approximately $100 trillion. This inflated number results from the non-negotiable status of most tokens, which further exposes cryptographic scams called “honeypots”.

To know more: How to detect crypto fraud?

BONKILLER price performance. Source: Birdeye

Despite clear warnings about its misleading configuration, investors continue to buy BONKKILLER tokens. The scheme has already made it possible to collect $1.62 million from victims over the course of 11 transactions.

This scam thus capitalizes on the famous “fear of missed opportunity” (FOMO), a common emotion in the cryptocurrency world that drives many people to invest in seemingly lucrative opportunities.

From the initial supply of 1 Solana token (~$140), the developer who created the BONKKILLER scam meme coin has now stolen almost half a million dollars. Retailers are giving this guy free money.” he declared crypto researcher Gnarleyquinn.

Recent investigations by blockchain experts have revealed similar patterns for other cryptocurrencies. ZachXBT, another on-chain data investigator, notably reported that a dozen other Solana-based meme coin projects were abandoned, costing their investors a combined $26.7 million.

These projects often start with promising high returns, but end up leaving holders with almost worthless tokens.

In addition, a study by cybersecurity firm Blockaid revealed that at least 50% of tokens pre-sold on the Solana blockchain between November 2023 and February 2024 were frauds. Blockaid co-founder Ido Ben-Natan linked the increase in fraudulent activity to the growing popularity of meme coins during their pre-sale stages.

Moral of the story: Sometimes a meme just makes its creator laugh.


Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.

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