A report from Solidus Labs has revealed the alarming scale of fraudulent activity on Solana Blockchain, with 98.6% of tokens launched on pump.Fun that is chalk down when blankets pull or pump-and-dump schemes.
More than seven million tokens have been issued on pump.Fun since its inception in January 2024, with only 97,000 of those maintaining at least $ 1,000 in liquidity, the report added.
Pump.Fun is a token creation platform that lets users issue new crypto -tookens on Solana Blockchain at a very low price.
The largest blanket Pull Solidus Labs identified during the time period was worth $ 1.9 million and was related to Mtoken.
While the crypto industry has progressed and moved on after the spectacular implosion of FTX, hacks and scams are still filled with bad actors who deflect millions of dollars worth of assets by capitalizing on retailing.
The Memecoin sector is the biggest example of that, with 10s thousands of fake tokens created every day. Hype around Memecoin reached a crescendo in January when US President Donal Trump proclaimed his own Trump Memecoin on social media. Shortly after the US First Lady Melania Trump promoted Melania, both tokens are now down with 87% and 97% respectively, with a cabal of insiders allegedly taking advantage of more than $ 100 million by buying the token before it was publicly accessible.
Meanwhile, Solidus Labs on decentralized exchanges of Raydium showed that 93% of the liquidity pools (361,000 pools) exhibited soft carpet trait properties, with the median carpet drag worth $ 2.8,000.
In February, a Merkle Science Report revealed that $ 500 million had been lost to carpet and fraud in 2024.
Solana has emerged as a popular blockchain among criminals and scammers. Its fees with almost zero and immediate execution make it easy to implement tokens and extraction value.
Authorities are watching the sector. In March, SEC created a cyber and emerging technologies – device designed to “exterminate those seeking to abuse innovation to hurt investors and reduce confidence in new technologies.”
The regulator brought a lawsuit against Meteora in April, naming people associated with the M3M3 -MEME -coin, claiming they were responsible for a rug of $ 69 million.
