Investors indicted for virtual asset rug pull scheme

Crime

경향신문

Prosecutors in Seoul have indicted an investor and accomplices for a rug pull that used Pump.fun meme coins to induce purchases and then sold holdings en masse. The lead influencer, identified as A, promoted the coin while accomplices posted false bullish notices and dispersed tokens across wallets and wash traded to hide concentrated holdings. The coin jumped as much as 1,001 times in 26 hours; the group turned 10 million won into 400 million won while about 256 of roughly 6,000 investors lost 900 million won. Officials charged violations under the 2024 Act on the Protection of Virtual Asset Users and stressed coordinated agency investigation.

Investors were indicted after a rug pull that yielded 400 million won.