CONDOM meme coin team on the Solana network recently raised 4,965 SOL during its presale, amounting to $906,000. However, the team deleted its X page, leading to suspicions of a rug pull within the community.

User X, known as Harfordton, warned investors to be cautious when investing in cryptocurrency projects, emphasizing the need for due diligence regardless of a project’s popularity. With over 50,000 followers on X and endorsement from prominent figures, Harfordton’s message resonated within the crypto community.

Notably, the URF meme coin team previously vanished with 2,400 SOL, valued at $450,000, collected during its presale. The rug pull occurred less than 24 hours after the URF launch, leaving investors in the dark. The URF team was last active on social media on March 26, with reports of using the raised funds to trade other meme tokens on Solana.

According to crypto expert ZachXBT, the Solana ecosystem has seen 33 presales since March 12, attracting a total of 796,000 SOL. However, many of these projects have proven to be opaque, with at least four reported rug pulls resulting in a total loss of approximately 25,400 SOL. ZachXBT suggests that further investigation is required to uncover the full extent of fraudulent activities.

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