Bubblemaps flags ‘Rugproof’ launchpad over alleged rug pull risk
Main Idea
Blockchain analytics firm Bubblemaps raised concerns about Rugproof, alleging it poses a rug pull risk due to suspicious token distribution and control by a single entity.
Key Points
1. Bubblemaps flagged Rugproof for suspicious token distribution, claiming 50% of the project's tokens were 'bundled at launch' and controlled by the creator.
2. The token creator sent Solana (SOL) to 162 wallets, which then bought 50% of Rugproof's supply, a pattern resembling past rug pulls.
3. Bubblemaps shared a visual 'bubble map' showing connections between tokenholders, suggesting potential centralized control by a single entity.
4. The allegations emerged amid a bullish trend in the memecoin sector, which saw a 54% surge in valuation in July before correcting to $73 billion (still up 32% from June).
5. Bubblemaps previously highlighted a similar case with project ALT, which crashed from a $190M to $3M market cap due to an alleged rug pull.
Description
Blockchain analytics firm Bubblemaps flagged Solana’s Rugproof for suspicious token activity, alleging a deceptive launch structure that mimics a rug pull setup.
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