South Korea Makes First Arrest Tied to Memecoin Rug Pull: report
Cointelegraph
South Korean prosecutors have charged operators in the country's first-ever decentralized exchange rug-pull case involving the Solana-based memecoin CATFI.Summary
South Korean authorities have charged a group of individuals for an alleged rug pull involving the Solana-based memecoin CATFI, marking the country's first criminal prosecution for a decentralized exchange (DEX) exit scam. The suspects reportedly inflated the token's value by 1,000% before selling off their holdings, resulting in approximately $599,000 in losses for over 256 investors. This legal action, carried out under the Virtual Asset User Protection Act, signals an intensifying crackdown on cryptocurrency price manipulation and fraud.
(Source：Cointelegraph)