In the fast-paced world of cryptocurrency, few blockchains have captured attention quite like Solana, known for its high-speed transactions and dominance in the memecoin frenzy. However, a recent tweet by crypto trader Sajad @SajadFlips has sparked a heated debate, pointing to a deeper, systemic issue plaguing the ecosystem: the lack of consequences for fraudulent activities.
As Solana rides the wave of massive trading volumes—partially fueled by high-profile token launches like the TRUMP and LIBRA memecoin—concerns about trust, regulation, and criminal behavior are coming to a head.
The Lack of Consequences: A Root Problem
SajadFlips’ post, shared on February 18, 2025, pulls no punches: “There were no f-ing consequences… as far as I can see, there have still been NO consequences. THAT is the problem obviously that should be solved first and foremost.”
The tweet highlights a pervasive issue in the crypto space, particularly on Solana, where bad actors have seemingly operated with impunity. From rug pulls—where developers abandon projects after raising funds—to outright scams, the absence of immediate legal or financial repercussions has allowed such behavior to flourish.
This lack of accountability, Sajad argues, was exacerbated by the launch of the TRUMP memecoin, tied to former U.S. President Donald Trump’s branding and launched on Solana. According to the tweet, the launch “made everything 10X worse as it gave criminals the green light.”
The memecoin, which surged from under $10 to over $74 on its debut weekend in January 2025, drew massive attention—and, allegedly, opportunists looking to exploit the hype. Reuters reported that the launch raised ethical and conflict-of-interest concerns, even among crypto insiders, yet no significant regulatory action followed.
Solana’s Technical and Trust Challenges
Solana’s troubles aren’t new. The blockchain, celebrated for its ability to handle over 400,000 transactions per second, has faced repeated technical setbacks. According to a 2022 critique by Cyber Capital, Solana experienced at least nine outages that year, often due to its design choices, such as Proof of History (PoH) and Turbine, which prioritize speed but compromise decentralization and security. These outages, coupled with centralized recovery efforts—like requiring validators to coordinate on Discord—have eroded trust among users.
More recently, Solana has been hit with legal challenges that amplify Sajad’s concerns. In 2022, Solana Labs faced a class-action lawsuit in California, with investors accusing the organization of selling unregistered securities and making “deliberately misleading” statements about the circulating supply of SOL tokens.
While the lawsuit’s outcome remains unclear, it underscores the regulatory scrutiny Solana faces—a scrutiny that SajadFlips suggests has been inadequate in deterring fraud.
The TRUMP Launch: A Double-Edged Sword
The TRUMP memecoin’s launch, alongside a similar token for Melania Trump called MELANIA, both built on Solana, exemplifies the blockchain’s dual nature. On one hand, it propelled Solana’s native token, SOL, to an all-time high of $294.33 in late January 2025, as reported by Reuters.
The memecoin frenzy, reminiscent of the NFT boom, drove trading volumes to unprecedented levels, particularly between November 2024 and January 2025. On the other hand, SajadFlips warns that this surge gave “criminals the green light,” emboldening scams and rug pulls.
The tweet suggests that while “smarter” crypto Twitter (CT) users suspected foul play, they hesitated to point fingers without “hard evidence.” However, Sajad predicts an “avalanche of evidence” is on the way, as many perpetrators are “idiots” likely to leave trails. This tension between market exuberance and underlying fraud has left Solana at a crossroads, with trust becoming the currency in short supply.
A Shifting Market Dynamic
SajadFlips also notes a potential shift in Solana’s memecoin market. “We won’t see a return to the memecoin trading volumes of Nov-Jan for a while (if ever),” he writes, attributing this to the damage done—not just financially, but to trust.
The most recent high-profile rug pulls like LIBRA, a once-popular but short-lived Solana-based memecoin,
LIBRA, a Solana-based memecoin launched in early 2025, soared to a $4.5 billion market cap after Argentine President Javier Milei’s endorsement, only to crash over 90% shortly after. Insider trading suspicions emerged as early investors cashed out millions, with the first buyer reportedly profiting $6.5 million in under an hour.
Dubbed a potential “rug pull,” LIBRA’s collapse damaged trust in Solana’s memecoin ecosystem, prompting investigations by Argentina’s Anti-Corruption Office. Now trading at $0.34 with a $336 million market cap, LIBRA highlights memecoin volatility, manipulation risks, and regulatory challenges, with Milei facing impeachment over alleged promotion for gain.
Source: https://x.com/KobeissiLetter/status/1890611963203334190
The occurrences of such rug pulls will eventually becoming rarer as the community grows wary. Yet, this wariness could stifle the wild, speculative trading that defined Solana’s recent success.
Interestingly, the tweet hints at an opportunistic angle: “If you can make money by dismantling scams, this issue is not an issue anymore.” This suggests that some market participants see profit in identifying and exposing fraudulent projects, potentially creating a self-regulating mechanism. However, this approach hardly addresses the broader systemic problems Sajad highlights.
Calls for Accountability: Could RICO Be Next?
The responses to Sajad’s tweet reveal the severity of the situation. One user, @seminalcraft, speculated, “not a lawyer, but a RICO seems not out of the question?”—referencing the Racketeer Influenced and Corrupt Organizations Act, a U.S. law typically used against organized crime. This comment underscores the perception that Solana’s ecosystem may harbor systemic, coordinated fraud, warranting aggressive legal action.
While no RICO case has been filed against Solana entities as of February 2025, the suggestion reflects growing frustration. Combined with the class-action lawsuit and ongoing technical issues, Solana faces mounting pressure to restore credibility. Yet, as another responder, @satosheet, quipped, “in crypto, consequences are for the little guys,” hinting at a skepticism that meaningful change will occur.
Looking Ahead: Can Solana Recover?
Solana’s dominance in the memecoin market—fueled by projects like TRUMP and others—has been a double-edged sword. While it has attracted massive liquidity and user interest, the lack of consequences for fraudulent behavior threatens its long-term viability. SajadFlips’ call to address this issue “first and foremost” resonates as a wake-up call for the ecosystem, its developers, and regulators.
For Solana to regain trust, it may need to adopt stricter governance, enhance transparency, and collaborate with regulators to enforce accountability. However, as long as memecoins promise quick profits, the allure of scams may persist. As the crypto community awaits that “avalanche of evidence,” Solana stands at a pivotal moment—balancing its technological promise against a growing crisis of confidence.
In the chaotic ballet of bailouts and rug pulls, as one witty responder put it, Solana’s next moves will determine whether it can reclaim its place as a leader—or become another cautionary tale in crypto’s wild west.
