Aquabot's Presale Vanish Sparks Trust Crisis in Solana's Hype-Driven Ecosystem

The Solana-based Telegram trading bot project Aquabot has come under scrutiny following allegations of a significant rug pull. According to on-chain investigator ZachXBT, the project’s presale wallet moved 21,770 SOL—approximately $4.65 million—into multiple intermediary addresses before routing the funds to instant exchanges. The transfers were divided into four tranches, a method commonly associated with efforts to obscure transaction trails. The presale wallet, identified as 4Ea23VxEGAgfbtauQZz11aKNtzHJwb84ppsg3Cz14u6q, had collected funds through what the project described as a “gamified” presale mechanism. Investors were led to believe they could receive multipliers on their allocations via a randomizer, with the team initially promising 100% token distribution at launch without vesting.

However, shortly before the token generation event, Aquabot altered its terms, imposing vesting on presale buyers. This change, combined with the sudden fund movements, triggered accusations of fraud across the Solana community. The Aquabot team also locked replies on all of its X posts, exacerbating concerns about the legitimacy of the project. The project, which had marketed itself as a low-fee Telegram trading bot, claimed a 0.25% transaction fee structure and a novel “liquidity ladder” presale design aimed at addressing inorganic trading patterns. Despite these claims, the project appears to have followed a familiar pattern of sudden fund withdrawals and communication breakdowns.

The rug pull has drawn heightened scrutiny due to the involvement of several high-profile names in the Solana ecosystem. Platforms and teams, including Meteora, Quill Audits, Helius, SYMMIO, and Dialect, had promoted the project in recent weeks. Influencers also endorsed the presale, touting its novel approach to distribution and low trading fees compared to competitors. Critics argue that these endorsements created a false sense of security around the project, leading to widespread disappointment. “Once again, reputable protocols interact and make partnerships with ruggers, and then they act like nothing happened,” one community member wrote, reflecting growing frustration with repeated presale scams on Solana.

The incident has reignited calls for greater transparency within the rapidly growing Solana ecosystem. Critics emphasize the need for teams and investors to exercise caution when associating with new projects, particularly those offering novel mechanics or unusually favorable terms. “There can be no tolerance for such behavior. What we need—at the very least—is radical transparency across Solana,” ZachXBT stated in his Telegram channel, where he first detailed the transfers. This is not the first time the network has faced presale scams; last year, ZachXBT warned that many projects are either fraudulent or on the verge of rug pulls. On Solana, presale hype has fueled a wave of rug pulls, with multiple cases where projects collected millions in SOL before vanishing.

The broader crypto industry is grappling with escalating security issues, with the Aquabot rug pull occurring on the same day as the $41.5 million SOL hack of Swiss crypto platform SwissBorg. These incidents highlight the vulnerabilities within the ecosystem and the urgent need for improved security measures. The Solana community now faces the challenge of rebuilding trust while implementing more rigorous due diligence for new projects. The events of September 8, 2025, underscore the growing risks associated with the rapid expansion of the DeFi space and the importance of maintaining vigilance in an environment where innovation often outpaces regulation.