A Solidus Labs report revealed the alarming scale of fraudulent activity on the Solana blockchain, with 98.6% of the tokens launched on the pump.
More than seven million tokens have been issued on Pump. Fun since its creation in January 2024, with only 97,000 people who maintain at least $ 1,000 in liquidity, added the report.
Pump.fun is a platform for creating tokens that allows users to issue new cryptographic tokens on the Solana blockchain at a very low cost.
The largest Solidus Labs carpet carpet identified during the period was worth 1.9 million dollars and was linked to MTOKEN.
While the cryptography industry has progressed and evolved as a result of the spectacular implosion of FTX, hacks and scams are still widespread with bad players diverting millions of dollars from assets by capitalizing on retail.
The Memecoin sector is the largest example, with 10s of thousands of false tokens created every day. The media threshing around the same thing reached a crescendo in January when US President Donal Trump praised his own Trump even on social networks. Shortly after the first American lady Melania Trump promoted Melania, the two tokens are now down 87% and 97% respectively, with an initiate cabale benefiting from more than $ 100 million by buying the token before it was accessible to the public.
Meanwhile, on decentralized Raydium exchanges, Solidus Labs noted that 93% of liquidity pools (361,000 swimming pools) had flexible carpet traction characteristics, the median carpet draws from $ 2.8,000.
In February, a Merkle Science report revealed that $ 500 million had been lost because of shooting and scams in 2024.
Solana has become a popular blockchain among criminals and crooks. Its costs close to zero and its instantaneous execution facilitate the deployment of tokens and value extraction.
The regulators keep a vigilant eye on the sector. In March, the SEC created a cyber unit and emerging technologies designed to “reduce those who seek to abuse innovation to harm investors and reduce confidence in new technologies”.
The regulator brought a collective recourse against Meteora in April, appointing individuals associated with the same M3M3 part, alleging that they were responsible for a traction of $ 69 million.
