Whales Market Turmoil: Founder's 160,000 SOL Transfer to Binance Triggers Community Outcry

In the recent fervor surrounding SOL token fundraises resembling ICOs on the Solana blockchain, Dexter, founder of the decentralized over-the-counter trading platform Whales Market, made waves by swiftly raising over 155,000 SOL in just half an hour, surpassing the cap.

Amidst eager anticipation from presale investors, concerns arose within the community when it was discovered through Solscan data that Dexter had transferred all 159,802 SOL raised to Binance and sold a portion, causing an uproar. Dexter faced questions regarding this move.

In response, Dexter explained on platform X that selling a portion of the raised SOL for stablecoins was to hedge against SOL token depreciation, aiming to prevent capital loss. He clarified:

"Beyond exceeding the fundraising cap and issuing refunds, the remaining funds were transferred to Binance. Some SOL was converted to stablecoins to prevent significant SOL token depreciation. This substantial amount of money requires appropriate allocation to avoid disappointing those who trust us."

Dexter's actions sparked turmoil among investors. Despite Dexter's explanation, the community expressed skepticism and dissatisfaction:

SOL experienced one of the most severe declines among the top ten tokens. Consequently, some attributed Dexter as one of the reasons for the plunge. Whales Market's token, WHALES, also dipped to $1.73, marking a nearly 20% decrease.

In light of the craze surrounding Solana meme tokens, prominent Key Opinion Leaders (KOLs) like @BTCdayu and @BTW0205 cautioned against blindly investing in similar projects, emphasizing the importance of risk assessment and due diligence to distinguish viable projects from potential scams or "reaping machines."