If youāve been exploring the Solana ecosystem, you already know itās a hub for innovation and opportunity. But with great potential comes great risk. Scammers are evolving, and even experienced traders arenāt immune. I learned this the hard way after falling victim to one of these schemes watching a token rug the moment I bought in and scratching my head in confusion. Then I came across an article written by Lil' Whale. [@brokeass2whale] in X, where he analyses two very sophisticated scams.Ā
So, letās break down two of these scams Whitelisted Wallet Bot Scam and Wallet Scattering and how to protect yourself.
Iāll be real, this article is definitely geared toward experienced traders who are deep in the Solana game. BUT (and itās a big but!), if youāre a newbie, donāt let the fancy terms scare you off! Itās still worth a read because the more you know now, the safer your trading journey will be later. šāØ Knowledge is power!
šØ The Whitelisted Wallet Bot Scam
Hereās how this sneaky scam works:
1ļøā£ Developers launch a token with wallets under their control (whitelisted wallets).
2ļøā£ These wallets trade amongst themselves, pumping the token price to create the illusion of a thriving project.
3ļøā£ Once an outsider (like you or me) buys in, their Python script kicks in, detecting external liquidity and executing an /end-all command.
4ļøā£ Liquidity is drained across thousands of wallets in seconds, leaving you holding worthless tokens.
š Key Red Flag: If the token rugs right after a small buy, youāre likely dealing with a detection script targeting outside liquidity.
šµļøāāļø The Wallet Scattering Scam
This oneās all about deception through numbers. Scammers manipulate the holder list to make the token look legit and widely adopted.
The Setup: They create thousands of wallets, each holding small, nearly identical amounts of the token. These wallets are strategically placed lower in the holder list to avoid immediate suspicion.
The Illusion: To the average trader, the token seems like it has thousands of holders (yay, community!). But in reality, these wallets collectively control 40ā60% of the supply, giving the scammers centralized control.
When enough real liquidity enters the pool, they pull the rugāleaving genuine investors stranded.
š How to Spot Wallet Scattering (Solscan to the Rescue!)
Scammers are sneaky, but hereās how you can outsmart them:
1ļøā£ Watch Buy Activity Patterns:
Right after launch, check Solscan. If you see repetitive buy values bouncing between wallets, thatās a š©. These are likely fake trades to simulate demand.
2ļøā£ Look Beyond the Top 40 Holders:
Donāt stop at the top wallets. Dive deeper into the holder list. If you see too many wallets holding tiny amounts (e.g., 0.001% each), itās a warning sign.
3ļøā£ Spot Bundling Patterns:
If 40ā60% of the total supply is spread across lower-tier wallets, thatās a huge red flag for wallet scattering. It might look decentralized, but itās not.
š Protecting Yourself
Now that you know the scams, hereās how to stay safe:
ā Use Solscan for In-Depth Analysis:
Rug-check apps can miss these sophisticated tricks. Solscan lets you track buy activity and wallet distribution in real-time.
ā Start Small:
Test the waters with a microtransaction. If the token rugs right after, congratulationsāyouāve dodged a bullet.
ā Analyze Supply Distribution:
Focus on wallets holding small percentages. A large portion of the supply in tiny wallets? Walk away.
šÆ My Takeaway
Scams like these are a reminder that crypto is a space of constant learning, even for veterans. Whether youāre an advanced trader or just dipping your toes in, awareness is your best defense. Letās keep sharing knowledge and building a safer, smarter community together. š”
Got scammed or spotted something shady? Share your experience below. Letās outsmart the scammersāone token at a time. š
Lil' Whale. [@brokeass2whale]. (2025, January 8). Exposing two major scam tactics on Solana: The whitelisted wallet bot scam and wallet scattering [Tweet]. X (formerly Twitter). https://x.com/brokeass2whale/status/1876839688989778292?t=ZmSSU8GpWwHx5mcneH8lag&s=09
