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Solana Meme Coin Slerf Offers NFT To Presale Investors After $10M Mishap – Crypto News

Published

11 months ago

March 21, 2024

Dripp

In the aftermath of a devastating mishap earlier this week, Solana-based meme coin project Slerf has announced plans to extend a compensation to affected presale investors. The incident, which resulted in losses exceeding $10 million for participants in Slerf’s presale, stemmed from an unfortunate accident attributed to the project’s developer.

Solana Meme Coin Slerf To Provide NFTs

In a bid to address the concerns of impacted investors, the Slerf network took to social media platform X to outline their remedial measures. “We’re planning to drop Soul-bound NFTs to the wallet addresses of affected presalers as well as refund contributors,” they stated.

The post added, “This will allow for other projects to airdrop them tokens or NFTs easily as well as have a nice piece of memorabilia for their legendary part in $SLERF HISTORY.” However, earlier, the community accused the Solana meme coin project of engaging in a Ponzi scheme due to the mishap. Nonetheless, the latest move has subsided such speculations.

The developer behind the project recently made a candid confession on X. He revealed a catastrophic error involving the accidental burning of a significant portion of the token supply. This includes assets allocated for liquidity provision (LP) and the distribution of airdrops within the Slerf ecosystem.

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What Exactly Happened?

The Solana meme coin, Slerf, presale had amassed over 50,000 SOL worth $10.8 million and the entire amount was lost. The developer disclosed that LP tokens and the entire reserve of 500 million SLERF tokens earmarked for the airdrop were mistakenly burned. Compounding the issue, the revocation of minting rights has rendered attempts to recover the losses futile.

Despite efforts to address the situation, the inability to mint new tokens left pre-sale investors without a solution for reclaiming their investments. Hence, whether through token distribution or Solana refunds. In an effort to offer transparency and address community concerns, the Slerf team initiated a session on X Spaces.

During the session, the Solana meme coin’s team member Slorg expressed deep dismay and admitted to feeling physically unwell due to the circumstances. “I’m at a loss for words,” they lamented, conveying uncertainty about the path forward.

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