South Korea charges CATFI memecoin operators in first DEX rug-pull case: Report

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KOSPI trading volume versus volume on won-based domestic South Korean exchanges. Source: Digital Asset Works The development comes amid a significant contraction of South Korea's domestic digital asset trading market, which saw trading volume on major won-based cryptocurrency exchanges decline to just 8% of the KOSPI stock market's trading volume, Digital Asset Works reported earlier on Wednesday. Related: Bubblemaps flags MYSTERY token over 90-wallet launch sniping cluster Following its initial surge to an $8.99 million market capitalization in February 2025, the CATFI token has since crashed by 99% to an $57,000 market capitalization at the time of writing. Despite the crash, 1,512 investors were still holding the token in hopes of recovery, with the largest holder, wallet "5Q54," holding 18% of the token’s total supply, data from Pump.fun shows. The X account that previously promoted the project has since been deleted. CATFI/USD, all-time chart. Source: Pump/fun Rug pulls and coordinated manipulation attempts continue threatening the wider cryptocurrency space. Earlier in May, a Solana memecoin linked to Keith Gill’s Roaring Kitty X account suffered a similar rug pull, as the anonymous developer cashed out about $729,000 while the token lost most of its value, Cointelegraph reported. One unfortunate cryptocurrency trader lost nearly $190,000 on the memecoin within an hour, underscoring the risks of memecoin trading. Magazine: Bitcoiners eye ‘sell in May,’ SBF’s bid for new trial shut down: Hodler’s Digest, April 26 – May 2 More on the subject

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