What happened?
A Solana-based trading bot project, Aquabot, reportedly executed a rug pull, disappearing with over $4.65 million in presale funds right before its scheduled token generation event. The alleged scam was noticed when on-chain investigator ZachXBT saw Aquabot’s presale wallet transfer 21,770 SOL (worth about $4.65 million) into multiple intermediary addresses that then sent the funds to instant exchanges.
Who does this affect?
This incident primarily affects the investors who participated in Aquabot’s presale. Several high-profile names in the Solana ecosystem that endorsed Aquabot are also affected as it puts their credibility to question. Similarly, platforms and teams, including Meteora, Quill Audits, Helius, SYMMIO, and Dialect, that promoted the project recently, face the same issue.
Why does this matter?
This matters because such rug pull scams can negatively impact the trust and confidence of investors in the Solana ecosystem. It raises concerns regarding the transparency in Solana’s rapidly growing ecosystem, suggesting a need for more caution when associating with new projects. With increased instances of presale scams, it further emphasizes the need for stricter measures to ensure the safety of investor funds.