Blockchain analytics firm Bubblemaps has exposed concerning token distribution patterns within Solana-based launchpad Rugproof, contradicting the platform’s anti-rug pull claims. A recent investigation revealed Rugproof’s token creator distributed SOL to 162 wallets, which subsequently purchased approximately 50% of the project’s tokens, indicating centralized control by a single entity.
Rugproof faces scrutiny over transparency failures, including undisclosed tokenomics details and anonymous team members. These omissions contradict the platform’s stated mission of providing secure crypto investments, raising significant legitimacy concerns among analysts.
Bubblemaps utilized proprietary visualization tools to identify wallet clusters linked to creators—a key method for detecting potential rug pulls. The disclosure emerges amid a broader 32% July growth surge in the memecoin market fueled by Bitcoin’s price rally and low token entry barriers, while persistent scam risks remain prevalent.
Cybersecurity specialists emphasize that Rugproof’s case demonstrates the critical need for transactional verification through blockchain analytics. Investors are cautioned to thoroughly scrutinize token distributions and project transparency mechanisms before participation in emerging crypto platforms.