Michaela
A Solana-based Telegram trading bot project called Aqua has allegedly vanished with roughly 21,770 SOL, worth about $4.65 million, in presale funds just hours before its scheduled token launch, after being promoted by multiple influencers.
Key points:
- Aqua, a Solana-based Telegram trading bot project, allegedly executed a $4.65M rug pull just hours before its token launch.
- On-chain data shows presale funds were funneled through intermediary wallets and exchanges, raising accusations of fraud after last-minute term changes.
- Despite heavy promotion from firms and influencers, Aqua’s sudden disappearance highlights persistent risks in presale fundraising and Telegram-based projects.
According to blockchain analyst ZachXBT, Aqua carried out a rug pull, citing on-chain data showing the project’s presale wallet transferring SOL through a series of intermediary addresses before sending the funds to instant exchanges. The assets were later divided into four separate tranches, a method commonly linked to efforts to disguise transaction trails.
The presale wallet amassed funds through what the team promoted as a “gamified” fundraising model, where investors were offered the chance to boost their allocations via a randomizer. Organizers further pledged that tokens would be fully distributed at launch, with no vesting period attached.
In the hours leading up to its planned token generation event, Aqua revised its terms to introduce vesting for presale participants, a sharp departure from earlier promises. The abrupt change, coupled with the rapid movement of funds, has prompted widespread accusations of fraud within the community.
In recent weeks, Aqua received promotional backing from firms such as Meteora, Quill Audits, Dialect, SYMMIO, and Helius, along with several influencers who endorsed its presale. Supporters emphasized the project’s unconventional distribution model and its promise of lower trading fees compared with rival platforms.
Excitement over Aqua’s experimental presale model was evident on X, where some users even suggested adapting the approach for upcoming token launches. That optimism, however, has since given way to disappointment, as the project mirrored a common pattern of abrupt fund withdrawals and shuttered communication channels. With presale assets now scattered across multiple exchanges, the likelihood of recovery remains minimal.
The Aqua incident spotlights ongoing concerns about oversight in presale fundraising, where ambitious promises can quickly unravel into costly losses for retail investors. As scrutiny of Telegram-based trading bots and on-chain fundraising models intensifies, the episode serves as a cautionary reminder that innovation without accountability leaves communities vulnerable to exploitation.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
