The co-founder of Solana blockchain, Raj, has come out to warn crypto traders not to send money for presales to random Solana addresses. This announcement is not surprising, considering the number of rug pulls and presale exit scams carried out by anonymous projects launched on Solana.

In the past weeks, several Twitter accounts announced their token presale while providing a wallet address where the money should be sent. Many of these accounts turned out to be scams and mysteriously disappeared with investors' money. Given the anonymity of wallet addresses, they cannot be traced.

The most recent presale exit scam happened this week when an X account with the name Condom announced a presale and, after raising 4,965 SOL (equivalent to $922k), deactivated their account, leaving investors perplexed.

Once again, investors have been advised to always conduct their own research before investing their money; however, lessons may have not been learned as similar situation might happen again.

It is not uncommon for most of these false projects to exist only during the bull market. A quick look through their social media accounts will prove this. One peculiar trait is that there do not provide useful information about their project utility.