South Korea · The Block
South Korean prosecutors have charged multiple individuals behind a Solana-based memecoin project named CatFi
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According to a Wednesday official release, the Seoul Southern District Prosecutors' Office has filed charges against two main suspects who were taken in custody, along with three others who were not detained.
Key facts
- Out of that number, 256 investors reported a combined loss of 900 million Korean won ($600,000)
- The prosecutors said the cryptocurrency's value rose 1,001-fold in 26 hours after the launch, when around 6,000 investors purchased
- Authorities arrested two suspects on May 11 and the remaining three on Wednesday, according to the release
- South Korean prosecutors have charged multiple individuals behind a Solana-based memecoin project named CatFi
Summary
South Korean prosecutors have charged multiple individuals behind a Solana-based memecoin project named CatFi. The suspects allegedly launched CatFi on Solana memecoin launchpad Pump.fun in early 2025, and abandoned the project shortly after investors injected significant capital into the token, an act commonly known as a rugpull. "This marks the first time that the 'Virtual Asset User Protection Act' has been applied to penalize a rugpull scheme, a pervasive crime in the crypto market, under fraudulent and unfair trading regulations," the translated release said. After launching the meme token, the suspects allegedly lured investors into buying CatFi by promoting it through fake social media channels.