South Korea Makes First Arrest and Prosecution in Meme Coin Rug Pull Case
BeInCrypto
South Korean prosecutors have arrested five individuals for a rug pull scheme involving the Solana-based meme coin CATFI, marking a legal precedent.Summary
South Korean authorities have charged five individuals for orchestrating a rug pull involving the Solana-based meme coin CATFI, resulting in approximately $650,000 in investor losses. This case represents the country's first prosecution of a fraudulent scheme on a decentralized exchange under the Virtual Asset User Protection Act. The suspects allegedly manipulated token prices using circular trades and influencer tactics before dumping their holdings, triggering a firm response from Seoul's dedicated virtual asset crime unit.
(Source：BeInCrypto)