Meme Coin Scandal: $600,000 Rug Pull Allegation

An important development has occurred in the cryptocurrency world. The claim that influencer @beaverd earned 600 thousand dollars from meme coin projects based on Solana has led to serious accusations against him. This account, which won a 1 million dollar prize in a content competition organized on the X platform, is now at the center of controversy.

The blockchain analysis platform Bubblemaps revealed that a wallet associated with the account @beaverd has made significant profits from meme coin launches conducted on the Solana network. According to claims, this wallet is linked to a token called SIAS, which was launched via the Pump.fun platform. Shortly after its release, the SIAS token managed to reach a market value of 6 million dollars; however, it quickly lost value and fell to zero.

Another noteworthy point is that the project's social media accounts have been rapidly closed. The wallet analyzed by Bubblemaps played an active role in the token launch and accumulated positions through various wallets. It is reported that it has generated a total profit of approximately 600 thousand dollars. Furthermore, it has been recorded that many other meme coin projects previously launched by the same wallet have also declined to zero over time.

The account owner responded to these accusations in his posts on the X platform by using the phrase "cry me a river." Following this development, many analysts have observed a decrease in trading volume and revenues in the Solana meme coin ecosystem, noting that the market is shifting towards more functional use cases rather than speculative tokens.

As a result, it is crucial for investors to be cautious about such projects and to closely monitor market movements. The increasing scandals related to meme coins serve as a reminder for investors to obtain data from reliable sources.