In the vibrant cryptocurrency world, Solana has emerged as the go-to platform for meme-coins. Numerous coins have soared beyond the $1 billion threshold in market capitalization. Many investors made millions from just buying these coins early. These success stories primarily unfold on Crypto Twitter (CT), the leading social network where new coins are introduced and hyped. Here, influencers wield the power to shape fortunes, announcing presales that often lead participants to multiply their investments post-launch.
However, where there’s money, there are also those looking to exploit it. The lucrative nature of Solana’s presales attracts not just eager investors but also crafty scammers. Recognizing the need for vigilance, we prepared five actionable tips to help you defend your assets against Solana presale scams on Twitter.
1. Check if the X account is a fake
Most scammers will purchase or hijack an established X account and try to make it identical to a crypto influencer’s. Some scammers can prepare a fake account for years before executing an attack.
A screen of the fake account impersonating crypto influencer Ansem and has 2000+ crypto posts
- First, is anyone established following them? Most of the crypto influencers will be followed by other influencers. If you don’t recognize anyone established in their circle – that’s a big red flag.
The real account on the left has many established connections; the Fake one on the right – does not
- Second, try searching their posts using from: operator.
The real account on the left has many search results; the fake on the right has zero results
While both accounts are available, Twitter does not return any posts when you do this search with fake accounts. If Twitter removed an account from a search – that’s a red flag.
- Finally, check their account on Web Archive: all the established Twitter accounts have 1-2-5 year-old snapshots.
The real account on the left has many snapshots in Web Archive; the fake on the right has zero results
2. Be ready that some established accounts can launch scam presales as well
- Some established accounts can be hacked for malicious actions. For example, the Trezor X account was recently compromised:
A recent Tweet by ZachXBT about Trezor X being compromised
- Also, established accounts can decide to join the dark side. Just like a trusted Twitter crypto influencer @Vombatus_eth rugged 13,000 SOL on March 15.
- Finally, do not trust a blue tick. It does not guarantee that the account is not malicious.
Both the real account on the left and the fake account on the right have a blue tick
3. Do not ignore the malicious software warning
Most of the presales do not require you to connect a wallet to an unknown website. If you want to proceed, you will receive a malicious software warning. Do not ignore it, it popped up for a reason.
A warning in Phantom wallet
4. Distribute your assets
Store most of your funds in a cold wallet and put only a small portion of your assets in your active wallet. This way, only a small portion of your funds will be exposed to risks. An account that lost more than ~$1.2M made this error, learn from their mistake.
5. Use ScamSniffer
ScamSniffer is a free Chrome extension highlighting fake X accounts and malicious websites. Install it and pay attention to their warnings. These are your extra chance to save your funds.
A malicious site that loads correctly on Chrome and Safari is blocked by ScamSniffer
Memo
OCryptoCanada put up all these tips into a handy memo that can save millions:
Memo with crypto safety tips by Oleg Galeev, trader since 2016, crypto expert, and educator at OCryptoCanada
Wrapping it up
You’re now equipped with five robust tips to fortify your defenses against Solana presale scams on Twitter. Take a moment to print out these nuggets of wisdom and place them prominently in your workspace. Make it a daily mission to internalize these strategies; let them become second nature in your crypto dealings.
The principles you’ve learned here extend beyond Solana. As other networks rise in popularity, scammers will inevitably flock to them, employing familiar tactics. With the insights you’ve gained, you’ll be prepared, no matter where you choose to invest.
Lastly, embrace patience in your investment journey. Scammers often rely on creating a sense of urgency to trigger rash decisions. When you encounter something that feels off or rushed, take a step back. Pause and scrutinize the situation to ascertain if it’s a scam.