These Crypto Exchanges Will Support the SLERF Community Following Presale Fund Mishap

crypto exchanges HTX (formerly Huobi), Bitget, and BingX have pledged to donate trading fees to support the Slerf community after the anonymous meme coin developer accidentally burned $10 million in presale funds.

Despite this setback, market speculators aggressively pumped the token, increasing its value by over 5,000% and sending its price above the $1 mark.

Crypto Platforms Step Up to Support Slerf Community

In a March 19 X announcement, cryptocurrency mogul Justin Sun revealed that HTX would direct trading fees to individuals who participated in the private sale on HTX. Additionally, the company plans to allocate HTX tokens for SLERF’s trading fee mining to benefit users on its platform.

As No.1 trading markets for @Slerfsol , HTX have decided to donate all Slerf trading revenue on @HTX_Global and allocate it to everyone who participated in private sale on HTX, as well as donate some #HTX for Slerf’s trading fee mining on https://t.co/y7nJ0Tgrcj ! User first！

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2024

Following Sun’s announcement, Bitget’s managing director, Gracy Chen, stated that Bitget would allocate all SLERF trading fees to support the community, focusing on aiding those involved in the presale. Chen committed to providing details of donations on a weekly basis.

Moreover, BingX from Singapore announced its decision to donate trading fees from users’ SLERF spot trades and distribute future BingX Global Debut tokens to addresses that participated in the Slerf private sale but did not acquire tokens.

On the other hand, MEXC, despite being an early lister of SLERF on its centralized trading platform, has not yet announced any plans to assist the Slerf community.

Meanwhile, the dedicated donation address for SLERF has amassed 2,600 SOL, valued at about $500,000, along with additional SPL tokens worth approximately $16,000. These funds will provide much-needed assistance to the project and its supporters, mitigating the adverse effects of the token loss.

SLERF Pre-Sale Participants Face Uncertainty

Investors who participated in the pre-sale encountered uncertainty when it was revealed that the project’s anonymous developer accidentally burnt $10 million worth of tokens raised from presale investors.

Subsequently, it came to light that the developer had allegedly pledged $200,000 in SOL tokens to the project before accidentally burning the funds. This mishap, resulting in the loss of significant tokens, brought about disappointment and skepticism among backers, casting doubt on the future of the meme coin. The refusal to compensate pre-sale contributors further eroded trust in SLERF, irrespective of its market performance.

Despite these setbacks, several major exchanges have listed the token, including HTX (formerly Huobi) and Bitget. Bybit has also sought community input via social media on whether to list the SLERF token.