Solana’s Rug Pull Ecosystem: Unveiling the Orchestrated Money Games
Recently, CertiK unearthed suspicious activities on the Solana network involving orchestrated ’rug pull’ scams. An entity known as ’小九’ executed 64 rug pulls within 24 hours, incurring a loss of 272 SOL (approximately $45,900 USD). The investigation revealed a complex network of related addresses and transactions designed to create market illusions to attract investors, only for insiders to liquidate positions at substantial losses. Key actors, such as ’小六,’ ’A1,’ and ’E,’ orchestrated these rug pulls by transferring funds among themselves and artificially inflating meme coin projects, like TWS and Pepe Trump, through rapid trades. Despite consistent losses in rug pulls, the ultimate beneficiaries were internal addresses like ’E’ and pooled funds were reallocated systematically. The rug pullers continue to pose risks, with CertiK identifying over 10,000 similar scams that extracted significant sums from traders. CertiK’s ongoing monitoring emphasizes the importance of recognizing and avoiding such fraudulent schemes.
Bearish
The discovery of widespread rug pull scams on the Solana network reveals systemic vulnerabilities that significantly undermine trader confidence and market stability. The orchestrated nature of these scams, involving numerous addresses and repeated pattern operations, suggests deep and deliberate market manipulation which is likely to deter investor participation and inject substantial apprehension into the market. Similar past incidents of rug pulls and fraudulent activities generally lead to increased market withdrawal and heightened caution among traders, exacerbating bearish market sentiment in the near term and potentially straining long-term market recovery efforts.