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Solana News Update: Meme Coin Responsibility: Slerf’s $10 Million Reimbursement Sets New Standards for Crypto Trust

Solana News Update: Meme Coin Responsibility: Slerf’s $10 Million Reimbursement Sets New Standards for Crypto Trust

Bitget-RWA2025/10/22 00:38
By:Bitget-RWA

- Slerf, a Solana-based meme coin, refunded $10M in SOL tokens to 25,444 investors after a 2024 presale error burned funds. - Developer Grumpy committed to 19-month community-driven restitution via trading fees, donations, and ecosystem revenue. - The transparent refund process boosted trust, with Slerf's market cap peaking at $740M despite later declines to $28.1M. - The case highlights community governance in crypto, earning praise as a rare example of accountability in the meme coin space.

In an unexpected development, the Solana-based

coin Slerf has completed reimbursing investors for $10 million worth of (SOL) tokens that were unintentionally destroyed during early 2024, setting a rare precedent for responsibility in the unpredictable meme coin sector. The project's developer, known as Grumpy, initially issued a public apology with a now-famous tweet saying, "Oh fuck," after mistakenly sending funds to a non-recoverable wallet. Following 19 months of transparent fundraising efforts led by the community, the team has returned 53,359.62 SOL—valued at roughly $10.3 million—to 25,444 original supporters as of October 2025.

Solana News Update: Meme Coin Responsibility: Slerf’s $10 Million Reimbursement Sets New Standards for Crypto Trust image 0

The mishap, which took place in March 2024, sent ripples through the crypto world. In conversations with Decrypt and COINOTAG, Grumpy described the incident as "the biggest mistake of my life," explaining that the accidental burning of liquidity and airdrop tokens left supporters empty-handed. However, Grumpy's swift and open acknowledgment—through Twitter Spaces and honest statements—helped transform initial backlash into widespread support. After the event, Slerf's market capitalization soared to $740 million, driven by meme enthusiasm and the token's appeal to risk-takers.

The reimbursement initiative, launched in late 2025, was funded by a mix of trading fees, community donations, and revenue from the project's ecosystem. Grumpy stressed that "every bit of donations, revenue, or support" was allocated to making investors whole—a pledge that took nearly two years to honor. The final round of payments, verified on-chain and announced via Slerf's X account, ensured that the original wallets received their funds. Some recipients only realized they had been compensated as the process was wrapping up.

Although Slerf's market value has since dropped to $28.1 million, the successful refunds have cemented its legacy in crypto history. The community celebrated the accomplishment online, with one user describing it as "the only

that actually kept its promise." The project's ability to recover has also attracted attention from institutional analysts, who view the episode as a notable example of community-led governance and risk mitigation.

Looking back, Grumpy attributed the positive outcome to the community's "persistence, transparency, and commitment." The developer now refers to Slerf as an "S-tier memecoin," and has hinted at upcoming improvements as the project transitions to a new token contract.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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