Solana has been one of the fastest-growing ecosystems in the crypto space, but rapid growth also attracts bad actors. From rug pulls to insider manipulation, the chain has seen its fair share of drama. Here are the five most notorious scams – and the hard lessons every investor should take away.

1. Mercurial Finance (now Meteora)

Mercurial was marketed as a DeFi protocol offering dynamic vaults and yield optimization. After raising millions in a public IDO, the team rebranded to Meteora without proper communication, and much of the raised capital disappeared. Lack of transparency and unclear token economics left many retail investors burned.

Lesson: Always investigate token utility, team history, and treasury management. A flashy UI isn’t a business model.

2. SolaRoad

Touted as a decentralized transportation protocol (yes, really), SolaRoad attracted a surprisingly large following before vanishing. The website, socials, and developers disappeared overnight – a textbook rug pull.

Lesson: If a project sounds like a parody, it probably is. Verify team identities and look for audited contracts.

3. Balloonsville

This NFT project made headlines by raising nearly $2 million in SOL before the team declared it a social experiment and disappeared. Despite being launched on Magic Eden, the event exposed how even large marketplaces can list unchecked projects.

Lesson: Even verified platforms aren’t infallible. Do your own research (DYOR) – always.

4. Luna Yield

Another DeFi project that promised insane APYs through yield farming. It turned out to be a classic exit scam. The team bridged out user funds and vanished – no updates, no explanation.

Lesson: If APYs look too good to be true, they usually are. Check for multisig wallets, transparency dashboards, and real partnerships.

5. Invictus Capital’s SCAM Token (literally)

A satirical project that openly called itself SCAM token launched as a joke. But it quickly attracted real buyers and gained a temporary market cap in the millions before crashing.

Lesson: The meme economy can be unpredictable. Don’t invest in irony unless you’re ready to lose ironically.

Final thoughts

Solana’s speed and low fees make it perfect for experimentation – and exploitation. As an investor, don’t rely on hype or influencer posts. Ask questions, read contracts, and follow the money.

Because in crypto, the lesson often arrives after the loss. Be smarter. Learn from the past. And always stay skeptical – even on your favorite chain.