A Solidus Labs report has revealed the alarming scale of fraudulent activity in the Solana block chain, with 98.6% of the tokens launched in the pump. The box set is attributed as carpet pulls or pump and budo schemes.
More than seven million tokens have been issued in the pump.
Pump.fun is a tokens creation platform that allows users to broadcast new cryptographic tokens in the solar block chain at a very low cost.
The largest carpet of Solidus Labs identified during the period of time was worth $ 1.9 million and was related to Mtken.
While cryptocurrencies has progressed and followed by following the spectacular implosion of FTX, hacks and scams are still full of bad actors that embrace millions of dollars in assets when capitalizing retail greed.
The Memecoin sector is the best example of that, with 10 of thousands of false chips that are created every day. The exaggeration of Memecoin reached a crescendo in January when the president of the United States, Donal Trump, promoted his own Trump Memecoin on social networks. Shortly after the first American lady, Melania Trump, promoted Melania, both files now decreased by 87% and 97% respectively, with a clique of experts that benefit more than $ 100 million when buying the Token before it was publicly available.
Meanwhile, in Raydium decentralized exchange, Solidus Labs discovered that 93% of liquidity swimming pools (361,000 swimming pools) exhibited soft carpet extraction features, with the medium carpet for a value of $ 2.8K.
In February, a Merkle Science report revealed that $ 500 million had been lost in pulls of carpets and scams in 2024.
Solana has become a popular block chain between criminals and scammers. Its rates close to zero and its instant execution facilitate the implementation of tokens and extract value.
Regulators monitor the sector. In March, the SEC established a unit of cyber and emerging technologies designed to “stop those who seek to abuse innovation to harm investors and reduce confidence in new technologies.”
The regulator filed a collective claim against Meteora in April, naming the people associated with the M3M3 Meme currency, claiming that they were responsible for an attraction of carpet of $ 69 million.
