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In a surprising flip of occasions for crypto buyers, the Solana-based meme coin venture Slerf has encountered a huge mishap. It resulted in losses exceeding $10 million for the presale buyers of Slerf owing to an accident brought on by the venture’s developer.

Solana’s Slerf Developer Reveals Shocking Update

The venture’s developer not too long ago took to X and confessed to unintentionally burning an enormous portion of the token provide. This consists of Slerf belongings designated for liquidity provision (LP) and airdrop distribution. The mishap unfolded after the Slerf venture, recognized by its account HdENn8…HgNAsF, managed to lift over 50,000 SOL and greater than $10 million.

However, the developer revealed that he unintentionally burned LP tokens and the whole reserve of the five hundred million SLERF tokens for the airdrop. Furthermore, because of the revocation of minting rights, any efforts to get better the loss have been futile.

Expressing deep regret and misery, the developer apologized for the irreparable injury precipitated. Despite efforts to rectify the state of affairs, the lack to mint new tokens left pre-sale buyers with no means of recovering their investments, neither by means of receiving tokens nor Solana refunds.

In an try to offer readability and transparency, the Slerf crew convened in an X Spaces session to deal with the group’s issues. Team member Slorg conveyed profound dismay, admitting to feeling bodily ailing over the state of affairs. “I’m lost for words,” they lamented, expressing uncertainty in regards to the path ahead.

Also Read: Solana (SOL) & BOME Prices To Hit Target Price, Or Reversal Ahead?

Is Ponzi Scheme Involved?

A Solana dealer, whose id stays undisclosed, dived into motion by swapping 9,894 Solana (SOL) tokens, equal to roughly $1.98 million. He secured a hefty 69.74 million Slerf tokens as quickly because the buying and selling gates opened, in keeping with a put up by Lookonchain on X.

Capitalizing on a hovering market owing to the unintended burn, the investor swiftly offloaded their SLERF holdings for a staggering 25,001 SOL. The transaction translated to a whopping $5 million. Hence, he acquired $3.02 million in income in simply 12 minutes.

The above-mentioned incident gave rise to speculations relating to the ponzi scheme being concerned. Moreover, the Slerf crypto soared over 800% at present, additional fuelling such issues. On the opposite hand, Solana’s Book of Meme (BOME) crypto led to a Binance probe into insider buying and selling allegations after unprecedented worth surge.

Also Read: Binance Probes Into BOME Insider Trading, Offers $5M Rewards For Tips

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