Slerf Apologizes to Users After Accidentally Burning $10 Million

The Solana-based memecoin project, Slerf, left investors shocked after a mistake resulted in the deletion of all liquidity provider (LP) and airdrop tokens.

Azcnews (4)

The memecoin project on the Solana platform, Slerf, surprised investors after a mistake led to the deletion of all liquidity provision (LP) and giveaway tokens. Unable to create new tokens due to loss of authority, investors now face a difficult reality: their investment is gone.

An Expensive Mistake

Imagine you collected over $10 million and 50,000 SOL, promised big dreams, and then — poof — it all disappeared in a cloud of smoke. Investors who quickly bought into the presale, hoping for big profits, now find themselves empty-handed, with no tokens to justify their investment and no SOL refund in sight eye.

A tweet from Slerf reveals all in a painful confession. Trying to clean some unwanted tokens with a tool, the person behind the operation accidentally wiped out valuable tokens.

“I’m sorry… this is the biggest deal, and I just lost my words,” they confessed. A new pre-sale period is proposed, offering refunds to those willing to invest again. But many people are wary of risking more money.

Emotion

The seriousness of the situation was reflected in how the team responded in a Twitter Space chat. Emotions ran high, and the price of SLERF suddenly increased by 322%. In the community, people are confused, hoping things will get better, and a little nervous about the idea of raising the value of the token to a billion dollars.

Related: Investor Loses $147,000 Playing Memecoins on Solana

Solana Continues to Grow Strong

Despite Slerf’s crisis, the broader Solana ecosystem appears to be going strong, with a notable spike in market activity and interest in its other memecoin projects. SOL’s recent performance has been impressive, surpassing BNB to become the fourth most expensive cryptocurrency and achieving a large transaction volume surpassing Ethereum and other EVM-based Layer 2 solutions.

This resurgence is fueled by the popularity of memecoin projects like BONK, demonstrating the strong connection between these tokens and their networks. Solana remains a hub for innovation and investment, despite setbacks like Slerf’s.

5.0/5

(1 vote)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Cosmos Atom Information About Atom Token

Altcoin | Editor Choice | News | Research

What is Cosmos ATOM? Information about ATOM Token

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

Important Update About Dogs Airdrop On Telegram

Airdrops | Editor Choice | News

Important Update about Dogs Airdrop on Telegram

DOGS on Telegram has announced important updates about their DOGS token distribution plan and the addition of a new "check-in" feature.

Azcnews Binance Delists Multiple Trading Pairs On Platform

News | Editor Choice | Policy & Regulations

Binance Delists Multiple Trading Pairs on Platform

Binance will delist specific spot trading pairs on July 26, 2024. The AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC pairs will no longer be available for trading.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

News | Altcoin | Editor Choice

AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Azcnews Large Inflows Into Ether Etfs On First Day Of Trading

News | Altcoin | Editor Choice

Large Inflows into Ether ETFs on First Day of Trading

Bloomberg ETF analyst Eric Balchunas described the $625 million trading volume, excluding Grayscale's ETHE, as "healthy" and anticipated that a "significant portion" of this amount would translate into inflows.