rewrite this title Crypto traders lost over $24 million in Solana due to memecoin mishaps

Crypto traders continue to lose millions by mistakenly sending Solana (SOL) tokens to memecoin contracts.

Conor Grogan, a director at Coinbase, estimates that traders have sent over $24 million in SOL to Solana-based memecoins token contracts, surpassing the 6,743 ETH (about $22 million) removed from circulation due to Ethereum’s transition to a proof-of-stake network in 2022.

He pointed out that one of the most notable cases involved a trader who mistakenly sent 5,478 SOL (worth $1.3 million) from Binance while attempting to purchase the “Book of Meme” token. Those funds are now permanently lost.

More recently, another individual transferred $114,000 to the “jelly-jelly” token contract, suffering an irreversible loss.

Despite these mistakes, Grogan pointed out that the traders’ outcomes were only marginally worse than if their purchases had succeeded. Many of these tokens have plummeted in value, with losses reaching up to 75%, compared to the complete loss suffered by those who sent funds to the wrong addresses.