韓國首度逮捕Pump.Fun發幣Rug Pull主腦！CATFI暴漲千倍，6000人接盤歸零

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South Korea's crackdown on virtual asset crimes has officially extended from CEX to DEX. For the first time, South Korean prosecutors have filed charges against a Rug Pull on a decentralized exchange (DEX) under the Virtual Asset User Protection Act, arresting five individuals, including the mastermind who went by the name "Eth Father." (Previous coverage: South Koreans stop trading crypto! Trading volume falls to 8% of KOSPI, Kimchi Premium turns negative) (Background: $ESPORTS crashes 93% in a single day! Yooldo Games suspected of Rug Pull, dumping 200 million tokens to cash out $13.6 million) Key Highlights - South Korea makes its first arrests of 5 individuals, including the mastermind "Eth Father," for a DEX Rug Pull under the Virtual Asset User Protection Act. - The CATFI token on Pump.Fun surged 1,001 times in 26 hours, causing 256 investors to lose approximately 900 million KRW ($586,000). - The criminal group turned a principal of only 10 million KRW into 400 million KRW in illicit gains, marking the expansion of regulatory reach from CEX to DEX. A 40x return from a 10 million KRW principal. This is not a new DeFi strategy, but text from the indictment by the Seoul Southern District Prosecutors' Office. The Joint Investigation Team for Virtual Asset Crimes at the Seoul Southern District Prosecutors' Office announced that it has arrested and indicted two main suspects for "market manipulation," while another was indicted without detention, and two others were charged for assisting the main suspects in evading capture. The main suspect, surnamed Park, operated on Crypto Twitter as the influencer "Eth Father." In early 2025, he created the CATFI token on the Solana-based platform Pump.Fun and executed a Rug Pull after listing it on a decentralized exchange. The force behind the 1,000x surge in 26 hours Park promoted CATFI by spreading false positive news and purchasing followers, while using multiple wallets to distribute holdings and engage in wash trading to conceal the fact that the token was under his control. The price of CATFI surged 1,001 times within 26 hours of issuance, with approximately 6,000 investors buying in. After the main suspects dumped their holdings to zero, 256 investors suffered losses of approximately 900 million KRW (about $586,000). Prosecutors stated that the group used about 10 million KRW (about $6,500) in criminal funds to generate approximately 400 million KRW in illicit profits. This is the first case in South Korean judicial history to classify 98% of tokens on Pump.Fun as Rug Pulls or scams. From CEX to DEX, South Korea's regulatory reach expands This case marks the first time South Korea has enforced the law against criminal activity on a DEX under the Virtual Asset User Protection Act, which took effect in July 2024. Previously, in January 2025, South Korea handled its first price manipulation case on a centralized exchange under the same law. From CEX to DEX, the jurisdiction of the prosecutors is expanding. Prosecutors stated they will "firmly respond to acts that disrupt the digital asset market and undermine public trust." This case may become a key precedent for how South Korea handles Meme coin fraud, social media promotion, and DEX trading under the Virtual Asset Act. South Korea has also recently continued to strengthen regulations, including requiring financial influencers to disclose their holdings and paid promotional information. FAQ Why is the South Korean CATFI case important? This is the first time South Korea has filed charges for a Rug Pull on a decentralized exchange (DEX) under the Virtual Asset User Protection Act, signaling an expansion of regulation from centralized exchanges to DEXs and potentially serving as a key precedent for handling Meme coin scams. What was the scam method for the CATFI token? After creating CATFI on Pump.Fun, the main suspect promoted it using false positive news and purchased followers, while concealing control through circular trading across multiple wallets. The token surged 1,001 times in 26 hours before crashing, resulting in losses of approximately 900 million KRW for 256 investors.

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Published:2026-05-27 07:44:40

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