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 on account of Ethereum’s transition to a proof-of-stake community in 2022.
He identified that some of the 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 are actually completely misplaced.
Extra just lately, 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 entire loss suffered by those that despatched funds to the fallacious addresses.
