South Korea Cracks Down on Cryptocurrency Scam: CatFi Rugpull Suspects Charged

South Korean prosecutors have filed charges against five individuals linked to a Solana-based meme coin project called CatFi, following allegations of a coordinated rugpull scheme.

The suspects allegedly created a misleading promotional ecosystem around the project, using fake lockups and circulating tokens across multiple wallets to disguise their control over supply.

According to investigators, the group launched CatFi in early 2025 through the Solana meme coin platform Pump.fun, attracting investor funds before abandoning the project once enough money had entered the token.