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According to South Korean media Digital Asset, the Seoul Southern District Prosecutors' Office announced that it has prosecuted a criminal group for manipulating the price of Solana-based meme coin CATFI and illegally profiting 400 million Korean won (approximately $260k).
The investigation revealed that the main culprit, Park, operated under the influencer identity "Eth Father" on social media, impersonating an unrelated third party to recommend CATFI tokens to retail investors, while other accomplices fabricated false positive announcements and inflated fake follower counts to embellish the project.
Ultimately, due to the team's Rug Pull implementation, 256 investors suffered a total actual financial loss of 900 million Korean won.
This is the first time in South Korea that personnel related to a DEX Rug Pull case have been arrested and prosecuted.