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    Home»Altcoins»Crypto merchants misplaced over $24 million in Solana attributable to memecoin mishaps
    Crypto merchants misplaced over  million in Solana attributable to memecoin mishaps
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    Crypto merchants misplaced over $24 million in Solana attributable to memecoin mishaps

    By Crypto EditorJanuary 31, 2025No Comments2 Mins Read
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    Crypto merchants misplaced over $24 million in Solana attributable to memecoin mishaps

    Crypto merchants proceed to lose hundreds of thousands by mistakenly sending Solana (SOL) tokens to memecoin contracts.

    Conor Grogan, a director at Coinbase, estimates that merchants have despatched over $24 million in SOL to Solana-based memecoins token contracts, surpassing the 6,743 ETH (about $22 million) faraway from circulation attributable to Ethereum’s transition to a proof-of-stake community in 2022.

    He identified that one of the vital notable instances concerned a dealer who mistakenly despatched 5,478 SOL (price $1.3 million) from Binance whereas making an attempt to buy the “E-book of Meme” token. These funds at the moment are completely misplaced.

    Extra not too long ago, one other particular person transferred $114,000 to the “jelly-jelly” token contract, struggling an irreversible loss.

    Regardless of these errors, Grogan identified that the merchants’ outcomes have been solely marginally worse than if their purchases had succeeded. Many of those tokens have plummeted in worth, with losses reaching as much as 75%, in comparison with the whole loss suffered by those that despatched funds to the incorrect addresses.

    Disclaimer: Our writers’ opinions are solely their very own and don’t mirror the opinion of CryptoSlate. Not one of the data you learn on CryptoSlate needs to be taken as funding recommendation, nor does CryptoSlate endorse any venture that could be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies needs to be thought-about a high-risk exercise. Please do your individual due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no accountability must you lose cash buying and selling cryptocurrencies.



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