The Solana meme Bonk Killer (BONKKILLER) coin was launched on April 29, with trading volume reaching around $4.6 million over the past 24 hours. However, the token turned out to be a scam, as investors cannot sell it after purchasing it.
More than 90% of the tokens are held by the creator, according to cryptocurrency analytics platform Birdeye. Moreover, the currency has gained a market value of over $100 trillion. According to Solana Network news aggregator Solana Floor, after all the investments, its developer took action to freeze the accounts of token holders, thus preventing token sales. Furthermore, the BONKKILLER creator also withdrew $1.62 million in funds from victims across 11 transactions, according to Birdeye data.
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Despite early warnings from market experts, traders continued to pour into the honey pot, only hurting their pockets. For context, a honeypot is a type of scam that attracts investors with high profit potential but prevents them from selling. The Bonk Killer has done just that, and there are many other initiatives to pull the rug out of meme currencies. Despite the uplifting stories of investors turning their small investments into millions, just as there are many stories of gullible investors losing their hard-earned money to coins like BONKKILLER.
Blockchain fraud prevention tools have been developed to detect potential honeypots and should be used frequently to prevent exposure to fraud. These tools work by performing analysis of smart contracts and tokens in real-time.
Be careful before investing in new Solana meme coins. The success of coins like BONK can be promising. However, it also gives hope to scammers looking to make a quick profit at the expense of innocent investors.