6,000 Investors Lost Everything On A 1,001x Solana Meme Coin — South Korea Just Made Its Move
South Korean prosecutors have indicted five individuals for a landmark Solana-based meme coin rug pull, marking the first-ever criminal prosecution of a decentralized exchange (DEX) scam under the country's Virtual Asset User Protection Act. The group launched the CATFI token on pump.fun, artificially inflated its value through fake social media promotions and circular trading under the influencer alias "EtherFather," and then abandoned the project. The scam caused the token's price to surge 1,001 times, attracting about 6,000 investors and resulting in approximately $650,000 in confirmed losses for 256 victims. This precedent-setting case extends South Korea's crypto fraud enforcement framework to DEX transactions and influencer-driven manipulation for the first time.
bitcoinist05/27 14:02
