Slerf Developer ‘Accidentally’ Burns $10M in Presale Funds

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Dailycoin2024/03/29 05:04

By:Dailycoin

The Slerf project has taken a massive loss.
Slerf is a Solana-based memecoin.
The project’s developer blamed the loss on a “simple mindless misclick.”

The anonymous creator behind Solana -based memecoin Slerf “accidentally” burned millions of dollars the project raised from liquidity providers during a presale, the developer said on Monday.

The stroke of bad luck follows a memecoin presale mania on the Solana blockchain over the weekend, during which several random projects bagged massive funding, often in the millions.

Slerf Memecoin Project Takes $10M Loss

Moments after touting the “safest possible launch” of Slerf on March 18, the memecoin creator fired several tweets, highlighting the predicament that had befallen the project following a “simple mindless misclick” while burning the LP.

“I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I’m so sorry,” the developer said in one of the posts.

Expressing deep remorse and distress, the developer further explained that it was accidental, and they “didn’t know what to do,” urging users to “send help.”

“I initially tried to burn the LP using solana tools vercel and it wouldnt go through. So I went to sol incen and was clearing out the shitcoins people sent to the wallet and accidently burned them with the pile of other coins. I honestly don't know what to do. SEND HELP.” The tweet read.

According to a Twitter space convened by the Slerf team later to address the situation, the mishap led to a loss of about $10 million in presale funds.

Despite the setback, the Slerf token pumped aggressively, registering an intraday jump of 414.3% to trade at $0.4904 as of press time, on-chain data shows. Per Lookonchain , an anonymous trader capitalized on the development and made over $3 million in 12 minutes trading Slerf tokens.

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