5 Charged in South Korea Over Solana Meme Coin Rug Pull on Pump.fun
South Korean prosecutors have charged five individuals for orchestrating a rug pull on the Solana meme coin launchpad Pump.fun, marking the first application of the country's new Virtual Asset User Protection Act. The defendants created CatFi tokens in February 2025, which pumped to an $8.37 million market cap before crashing to $12,170 within hours due to mass selling. Prosecutors say 256 investors suffered damages of 900 million WON ($600,000), while the defendants pocketed over 400 million WON ($267,000). Two promoters were arrested, while three technical suspects were charged but not arrested. This is also the first prosecution of a crypto crime executed on a decentralized exchange in South Korea. Following the news, traders pumped CatFi nearly 6,000% in an attempt to 'unrug' it, though it remains 96% below its February 2025 peak. Blockchain analytics firm Bubblemaps co-founder praised the legal action, noting it could deter future rug pulls.
Key facts
- 5 charged in South Korea over Solana meme coin rug pull on Pump.fun.
- CatFi token created Feb 2025; surged to $8.37M then crashed to $12,170.
- First use of Virtual Asset User Protection Act against rug pull.
- 256 investors lost $600,000; defendants pocketed $267,000.
- Traders pumped CatFi 6,000% after news, but token still down 96% from peak.