Well-known blockchain investigator ZachXBT, recently commented about crypto ecosystem accountability by challenging claims that Solana’s structure allows scams to take place. In a recent post on X, ZachXBT argued that “crypto scams happen wherever the most activity is concentrated.” This just indicates that at present, Solana is dominating the decentralized finance space, and it is also common that bad actors are attracted to meme coin trading. Such situations have also been observed on Ethereum and Binance Smart Chain (BSC) during prior market cycles.
Previous Scams on Solana
Recent data indicates Solana’s struggle with these bad actors. In December 2024, ZachXBT exposed a very well-coordinated phishing campaign that hijacked 15 high profile X accounts, including projects like Kick and Brett- to promote fraudulent Solana memecoins. This incident drained $500,000 from investors.
In March 2024 presale frenzy, 27 Solana-based projects raised $122 million in SOL but ended up being rug pulls. Just this month, influencers with millions of followers exploited Solana’s low transaction fees to promote pump-and-dump memecoins like LIBRA which was tied to Argentine President Javier Milei, before deleting their promotional content.
ZachXBT Draws Parallels and Defends Solana
ZachXBT’s comment refers to previous patterns where Ethereum’s $FEW and BSC’s Safemoon underwent the same kind of situation. With these examples, the investigator is trying to emphasize that the scammers migrate to ecosystems with liquidity and hype.
However, Solana’s delayed freezing of the scams has drawn a significant amount of criticism from the community. Artist Gino Borri recently accused Solana leadership of “radio silence” as platforms like Pumpfun and Meteora facilitate “mass extraction” of retail investors.
Despite these challenges, Solana’s developer activity and trading volumes remain off the charts, with analysts noting $209 mark as its price resistance. If SOL breaks this resistance the price could surge anywhere between $219-$244 rally if the investor trust improves.
ZachXBT’s analysis suggests that scams represent growing pains rather than existential threats, mirroring Ethereum’s 2017 ICO boom and subsequent maturation. As the community debates solutions from enhanced wallet security to AI-driven contract audits- the cycle of innovation and exploitation continues to rise.
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