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South Korea arrests suspects behind Solana memecoin CatFi in first rugpull case under new law
South Korean prosecutors have charged multiple individuals behind a Solana-based memecoin project named CatFi. According to a Wednesday official release, the Seoul Southern District Prosecutors' Office has filed charges against two main suspects who were taken in custody, along with three others who were not detained. The suspects allegedly launched CatFi on Solana memecoin launchpad Pump.fun in early 2025, and abandoned the project shortly after investors injected significant capital into the token — an act commonly known as a rugpull. "This marks the first time that the 'Virtual Asset User Protection Act' has ... (full story)