Solana Community Pushes Back Against Risky Meme Coin Presales

• Some Solana community members are pushing back against meme coin presales, a questionable practice where traders send crypto to strangers hoping to get early access to new meme coins.

• Despite the lack of accountability, traders have sent around $150 million to just 33 Solana meme coin presale addresses in the past week alone.

• Several such presales have turned out to be outright scams, while others raise legal questions around securities regulations and tax implications.

• In response, Solana co-founder Anatoly Yakovenko told users to "Stop doing this," while others warn it could have consequences for DeFi.

• Despite red flags around fraud, risks, and legal issues, the trend continues - one developer raised $30 million in minutes for a yet-to-launch meme coin.