Slerf (SLERF), a new memecoin on the Solana network, has accidentally burnt $10 million worth of funds raised from investors at a presale.
The token’s developer revealed the incident through the project’s official X account, saying they do not know what to do and fixing the situation may be impossible.
Slerf Developer Burns Presale Funds
According to the tweets, the presale funds, which were to be used as airdrops for market participants, were in the same wallet with some altcoins and other liquidity pool (LP) tokens. The developer claims they unintentionally burned the presale funds alongside the pile of other coins.
Slerf planned to release the airdrops after the token launch. The project announced on Monday that the process may take a while due to congestion on the Solana network. To avoid being tagged as a malicious project, the team clarified that a large wallet containing 50% SLERF total supply would serve as the creator wallet for presale contributors while feeding into the airdrop wallet 10% at a time.
“We are clarifying on this now because the rugcheckers will not know thats what these wallets are for and will read ‘danger.’ Once the airdrop is almost complete they will update ‘good,’” the team tweeted.
Unfortunately, there may be no airdrops as a developer has mistakenly burnt the tokens to be used for the process.
How Did It Happen?
The project said the incident was the result of a “simple mindless misclick” while they were burning the LP tokens.
The developer first tried to burn the LP coins using Solana tools Vercel, but the transaction was unsuccessful because the tokens did not appear on the website. They moved to another Solana tool, Incen, to clear the shitcoins and accidentally cleared the wallet, burning every other token.
Worse still, the team revoked the project’s mint authority so the developer could not remine the lost tokens.
“The biggest probly here is I don’t have 10m to refund the presalers. I’ve been up for 3 days preparing this and fumbled at the finish line. Im sorry to the people who contributed to the presale and im sorry to my team who were helping me for the past 3 days,” the developer explained.
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