🤷 Widespread scam alert on Solana: 98.6% of tokens from Pump.fun are junk projects
Solidus Labs has just released a report showing rampant fraudulent activities on the Solana blockchain, with Pump.fun at the center.
Since its launch in January 2024, this platform has issued over 7 million tokens, but 98.6% are classified as scams of the 'rug pull' or 'pump and sell' type. Only 97,000 tokens maintained liquidity above 1,000 USD.
On Raydium, 93% of liquidity pools experienced slow withdrawals ('soft rug pull'), averaging a loss of 2,800 USD per transaction. Meme tokens like TRUMP and MELANIA dropped by up to 97%, while insider trading profited over 100 million USD.
