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 resulting from Ethereum’s transition to a proof-of-stake community in 2022.
He identified that probably the most notable circumstances concerned a dealer who mistakenly despatched 5,478 SOL (price $1.3 million) from Binance whereas making an attempt to buy the “Guide 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 had 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.