Report: 98.6% of tokens on Pump.fun platform classified as "rug pull" or "pull up sell" scams

According to CoinDesk, a report from blockchain security company Solidus Labs reveals rampant fraud on the Solana blockchain, with Pump.fun platform being the hardest hit. The report shows that 98.6% of the tokens issued on the platform are classified as "rug pull" or "pull sell" scams. Since the establishment of Pump.fun platform in January 2024, over 7 million tokens have been issued, but only 97000 have maintained liquidity of at least $1000. Pump.fun has become a breeding ground for fraudsters due to its low-cost coin issuance feature. There have been multiple major "rug pull" incidents this year, with MToken related cases involving a total amount of 1.9 million US dollars. On the decentralized exchange Raydium, the phenomenon of "soft rug pull" is widespread, with 93% of liquidity pools exhibiting slow withdrawal characteristics and a median loss of $2800 per transaction. The Meme coin field is also plagued by chaos, with TRUMP and MELANIA tokens promoted by the Trump couple plummeting 87% -97%, while insider traders have profited over $100 million.