{"investigation":{"slug":"stonkfun","entity_name":"StonkFun (STONK)","trust_score":34,"severity_base":null,"score_modifier":0,"confidence":0.55,"status":"draft","content_type":"investigation","summary":"StonkFun (operated pseudonymously via the X account @LaunchOnSF) is a Solana memecoin launchpad that lets creators pair new tokens against tokenized stocks, pre-IPO tokens, or crypto assets instead of only SOL or stablecoins. Its native token STONK launched July 2026 quoted against SPYx (a tokenized S&P 500 product) and reached roughly $140-300 million in market capitalization amid rapid growth and influencer attention, including a September 2026 post from crypto trader Ansem (@blknoiz06). The platform's mint/freeze authorities are reportedly disabled and no team allocation is disclosed, which reduces some classic rug-pull vectors, but the team remains fully anonymous, no independent smart-contract audit could be located, and the underlying tokenized-stock pairing model has documented structural risks (stale weekend pricing, thin-liquidity premiums) unrelated to StonkFun's own code but material to anyone trading its listings.","sections":[{"content":"StonkFun is a Solana-based token launchpad reachable at stonkfun.xyz, operated publicly through the X (formerly Twitter) account @LaunchOnSF. This investigation concerns that specific platform and its native STONK token, mint address 6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx, currently pooled mainly against SPYx (a tokenized S&P 500 product) on Raydium. The STONK ticker is not unique in crypto: unrelated earlier tokens and platforms using similar 'Stonk'/'Stonks' branding exist (for example, older 'STONKS' memecoins listed on other exchanges), and readers should not confuse those with StonkFun's STONK. No corporate entity, legal jurisdiction, or named founder/team has been publicly disclosed for StonkFun; the platform operates pseudonymously through its X account, which introduced the launchpad publicly in mid-to-late 2026. Anonymous ownership of a platform that custodies fee flows and controls contract deployment parameters is a standard risk factor: users have no disclosed legal recourse if the operators cease operations or change terms.","heading":"Identity, disambiguation, and team anonymity","sources":[{"url":"https://x.com/LaunchOnSF","name":"Stonk (@LaunchOnSF) on X","type":"social_media","credibility":3},{"url":"https://airdropalert.com/blogs/what-is-stonkfun/","name":"StonkFun Explained: The Stock-Paired Launchpad That 3x'd in a Day","type":"other","credibility":3},{"url":"https://www.datawallet.com/crypto/stonk-fun-explained","name":"Stonk Fun Explained: Stock-Paired Launches & Tokenomics","type":"other","credibility":3}],"severity":"high"},{"content":"Multiple secondary sources report that the STONK mint's mint authority and freeze authority were set to null (renounced) at inception, meaning no additional STONK can be minted and no holder's balance can be frozen by the deployer. STONK launched with a fixed supply of 1 billion tokens. Reporting also indicates there was no disclosed team allocation, presale, or vesting schedule at launch — early buyers purchased from the same public pool as everyone else, which removes one common insider-unlock risk seen at other launchpad tokens. These are positive security indicators if accurate, but AVOID.NET could not independently verify mint/freeze authority status directly against Solscan, GoPlus, or RugCheck at time of writing; the claim rests on secondary crypto-media summaries rather than a primary on-chain lookup performed by this investigation, so it should be treated as moderate rather than high confidence.","heading":"Token contract permissions and supply mechanics","sources":[{"url":"https://coinmarketcap.com/cmc-ai/stonk-fun/what-is/","name":"What Is STONK (stonkfun.xyz) (STONK) And How Does It Work?","type":"other","credibility":3},{"url":"https://www.kucoin.com/blog/stonk-token-burn-hits-17-how-stonkfun-s-buyback-model-is-shrinking-supply","name":"STONK Token Burn Hits 17%: How StonkFun's Buyback Model Is Shrinking Supply","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Secondary reporting citing on-chain data describes STONK's top ten wallets holding approximately 18% of circulating supply against roughly 91,800 unique holder addresses as of late September 2026, characterized in that reporting as 'moderate' concentration relative to comparable launchpad tokens. AVOID.NET was not able to independently verify this figure against a live block explorer at time of writing; it is sourced to a single crypto-media aggregator (KuCoin blog) rather than a primary holder-distribution tool, so this figure should be treated as indicative rather than confirmed.","heading":"Holder concentration","sources":[{"url":"https://www.kucoin.com/blog/stonk-token-burn-hits-17-how-stonkfun-s-buyback-model-is-shrinking-supply","name":"STONK Token Burn Hits 17%: How StonkFun's Buyback Model Is Shrinking Supply","type":"news_article","credibility":2}],"severity":"medium"},{"content":"StonkFun reportedly claims trading fees generated on the locked liquidity behind each coin launched on the platform, directing roughly 60% of that revenue into open-market purchases of STONK that are then permanently burned, while retaining approximately 40% for the platform. Cumulative platform revenue was reported at more than $21 million by late September 2026, with more than $12.6 million deployed into buybacks that had acquired over 170 million STONK across tens of thousands of swaps, and roughly 17.3% of the original 1 billion STONK supply burned as a result. Individual daily figures reported include $1,355,566 in revenue and $814,028 in buybacks on September 9, 2026, and $2,205,092 in revenue and $1,269,778 in buybacks on September 11, 2026, according to StonkFun's own public revenue dashboard as summarized by crypto media. Because these figures originate from the platform's self-reported dashboard rather than an independently audited feed, and because 'a share of trading fees' funding buybacks is a discretionary, reversible policy rather than a hard-coded on-chain guarantee in all cases, the sustainability of this mechanism cannot be verified independently and should not be treated as a guarantee of future token performance.","heading":"Fee model and buyback/burn mechanics","sources":[{"url":"https://defillama.com/protocol/stonkfun","name":"StonkFun Fees, Revenue & Volume","type":"research","credibility":2},{"url":"https://www.kucoin.com/blog/stonk-token-burn-hits-17-how-stonkfun-s-buyback-model-is-shrinking-supply","name":"STONK Token Burn Hits 17%: How StonkFun's Buyback Model Is Shrinking Supply","type":"news_article","credibility":2},{"url":"https://www.stonkfun.xyz/revenue","name":"StonkFun Revenue dashboard","type":"official","credibility":2}],"severity":"medium"},{"content":"StonkFun's core mechanic — letting creators pair a new memecoin against a tokenized stock or ETF (e.g., SPYx, NVDAx) instead of SOL or a stablecoin — introduces risks distinct from a typical launchpad. Tokenized equities reference an underlying that stops trading at the US market close and does not trade on weekends, but the on-chain liquidity pool never stops trading; weekend and after-hours prices in these pools are shaped by thin liquidity and trader expectation rather than a live reference price, producing what has been described as a 'weekend price problem.' Documented examples (not specific to StonkFun) show meme tokens tied to AMC and Hims & Hers equity tokens trading at multiples of 4.6x to roughly 64x their Friday closing share price over a weekend, with one meme token accumulating 53% of the available circulating supply of an equity token while representing only 0.014% of the company's actual outstanding shares; these premiums collapsed toward the reference price once US markets reopened and arbitrage/new supply flowed in. A related third-party dataset (Stonkpile, snapshot 26 Sep 2026) found that of 1,027 memecoins quoted against tokenized stocks across Solana, 77 of the 100 stocks used as quote assets have no always-on (24/7) price feed, and separately reported a Solana memecoin pool absorbing 81% of tokenized Hims & Hers liquidity on a closed-market Sunday. These are general risks of the tokenized-stock-quoted-memecoin category that StonkFun popularized and operates within, not proven StonkFun-specific incidents, and AVOID.NET is not assessing the value of the underlying stocks — only the structural mechanics of the wrapper.","heading":"Structural risk of pairing memecoins against tokenized stocks","sources":[{"url":"https://www.toobit.com/en-US/news/tokenized-equity-meme-tokens-fail-to-squeeze-stocks","name":"Tokenized equity meme tokens fail to squeeze stocks","type":"news_article","credibility":2},{"url":"https://paragraph.com/@themechanismnote/the-weekend-price-problem-in-tokenized-stocks","name":"The Weekend Price Problem in Tokenized Stocks","type":"research","credibility":3},{"url":"https://stonkpile.xyz/api/index","name":"Stonkpile index (third-party dataset), snapshot 26 Sep 2026","type":"research","credibility":2}],"severity":"high"},{"content":"The Block reported that STONK jumped more than 250% to a roughly $140 million market cap on September 6, 2026 after StonkFun integrated with Raydium's LaunchLab, which the platform said would provide 'cheaper deployment costs, reduced sniper risk, and compounding liquidity after bonding.' STONK reportedly reached an all-time high near $0.212 and, per other secondary reporting, a market capitalization in the $270-312 million range around the LaunchLab integration announcement, before later reporting placed its market cap near $150-187 million in mid-to-late September 2026. As of a 26 September 2026 snapshot cited in this investigation's brief, the main STONK/SPYx pool was approximately 64 days old (consistent with a mid-to-late July 2026 launch), held about $3.73 million in liquidity, saw $2.16 million in 24-hour volume, and was down 17.5% over the prior 24 hours — indicating a token that has already round-tripped through significant volatility. This level of realized volatility is consistent with the pattern for a launchpad token whose value depends heavily on continued speculative trading activity and buyback flows rather than external revenue.","heading":"Growth, price volatility, and market data","sources":[{"url":"https://www.theblock.co/news/defi/2026-09-06-stonk-surges-250-to-140-million-market-cap-as-stock-paired-solana-launchpad-stonkfun-pulls-volume-to-raydium-and-jupiter-413621","name":"STONK surges 250% to $140 million market cap as stock-paired Solana launchpad StonkFun pulls volume to Raydium and Jupiter","type":"news_article","credibility":1},{"url":"https://www.kucoin.com/news/flash/solana-s-stonk-token-market-cap-surpasses-150m-hits-new-high","name":"Solana's STONK token market cap exceeds $150M, reaches new high","type":"news_article","credibility":2}],"severity":"medium"},{"content":"On or around September 24, 2026, crypto trader and influencer Ansem (@blknoiz06) posted that 'Stonk is sitting right at the intersection of tokenized stocks and memes,' a favorable characterization to his large following. Ansem has a documented history of promoting low-capitalization memecoins: in October, on-chain investigator ZachXBT publicly accused him of promoting 'hundreds' of low-cap tokens in a pattern he characterized as resembling pump-and-dump activity, naming coins including BODEN, HOBBES, ZEUS, and WYNN, several of which subsequently fell nearly 99% from their peaks. Ansem has disputed the pump-and-dump characterization, pointing to his early promotion of dogwifhat (WIF) — which he backed when its market cap was around $100,000 and which later reached a multi-billion-dollar valuation — as a defense. No evidence was found in this investigation of a specific paid-promotion disclosure by Ansem for STONK specifically; the allegations regarding his broader promotional pattern remain contested claims rather than adjudicated findings, and readers should weight his STONK commentary accordingly.","heading":"Influencer promotion and disclosure practices","sources":[{"url":"https://www.tradingview.com/news/cointelegraph:12e1fc27b094b:0-zachxbt-accuses-crypto-influencer-ansem-of-promoting-memecoin-pump-and-dumps/","name":"ZachXBT accuses crypto influencer Ansem of promoting memecoin 'pump and dumps'","type":"news_article","credibility":2},{"url":"https://finance.yahoo.com/news/crypto-influencer-ansem-accused-promoting-133112274.html","name":"Crypto Influencer Ansem Accused of Promoting Memecoin 'Pump and Dumps' By ZachXBT","type":"news_article","credibility":2},{"url":"https://x.com/blknoiz06?lang=en","name":"Ansem (@blknoiz06) on X","type":"social_media","credibility":3}],"severity":"high"},{"content":"AVOID.NET could not locate any published third-party smart-contract audit, security firm review, or formal bug-bounty program for StonkFun's launchpad contracts or the STONK token. The absence of a public audit does not by itself indicate malicious intent, but it is a material gap for a platform that has processed tens of millions of dollars in fee revenue and custodies liquidity behind launched tokens. This should be treated as an open item rather than a confirmed vulnerability, since the absence of search results is not proof that no audit exists — only that none could be found via public search at time of writing.","heading":"Audits and independent security review","sources":[{"url":"https://www.stonkfun.xyz","name":"Search conducted; no audit report located","type":"official","credibility":3}],"severity":"medium"},{"content":"AVOID.NET found no specific, individually documented rug pull or exit-scam incident directly tied to a coin launched through StonkFun in the sources reviewed. This is a negative result rather than a clean bill of health: launchpads of this type (compare pump.fun and similar Solana launchpads) generically produce large numbers of short-lived, low-liquidity tokens, and the Stonkpile dataset cited in this investigation's brief found that of 1,068 memecoin pools quoted against tokenized stocks across Solana as of 26 Sep 2026, 395 had under $1,000 in liquidity and 165 had zero trading volume — indicating that abandonment and failure are common outcomes for tokens launched into this category generally, even without a named scandal attached to StonkFun specifically.","heading":"Incidents among coins launched on the platform","sources":[{"url":"https://stonkpile.xyz/api/index","name":"Stonkpile index (third-party dataset), snapshot 26 Sep 2026","type":"research","credibility":2}],"severity":"medium"}],"timeline":[{"date":"2026-07-23","event":"STONK token launches on StonkFun, paired against SPYx (tokenized S&P 500 tracker).","source":"Phemex (crypto media)","source_url":"https://phemex.com/blogs/stonkfun-stonk-tokenized-stocks-trading","date_evidence":"STONK, the platform's native token, launched on July 23, 2026 in a pool quoted in SPYx, the tokenized S&P 500 tracker."},{"date":"2026-09","event":"StonkFun integrates with Raydium's LaunchLab, promising cheaper deployment costs and reduced sniper risk for new launches.","source":"The Block","source_url":"https://www.theblock.co/news/defi/2026-09-06-stonk-surges-250-to-140-million-market-cap-as-stock-paired-solana-launchpad-stonkfun-pulls-volume-to-raydium-and-jupiter-413621","date_evidence":"Announced on Saturday, StonkFun integrated with Raydium's LaunchLab","date_original":"2026-09-05"},{"date":"2026-09","event":"STONK jumps more than 250% to a roughly $140 million market cap following the LaunchLab integration announcement.","source":"The Block","source_url":"https://www.theblock.co/news/defi/2026-09-06-stonk-surges-250-to-140-million-market-cap-as-stock-paired-solana-launchpad-stonkfun-pulls-volume-to-raydium-and-jupiter-413621","date_original":"2026-09-06"},{"date":"2026-09","event":"StonkFun's public revenue dashboard reports daily figures including $1,355,566 in revenue on September 9 and $2,205,092 in revenue on September 11, with corresponding buyback and burn amounts.","source":"KuCoin (summarizing StonkFun revenue dashboard)","source_url":"https://www.kucoin.com/blog/stonk-token-burn-hits-17-how-stonkfun-s-buyback-model-is-shrinking-supply"},{"date":"2026-09","event":"Crypto trader Ansem (@blknoiz06) posts that 'Stonk is sitting right at the intersection of tokenized stocks and memes,' drawing attention to the token from his following.","source":"Reported in investigation brief; consistent with Ansem's known activity on X","source_url":"https://x.com/blknoiz06?lang=en","date_original":"2026-09-24"},{"date":"2026-09","event":"Snapshot shows the main STONK/SPYx pool approximately 64 days old, $3.73M liquidity, $2.16M 24h volume, down 17.5% over 24 hours.","source":"Stonkpile index snapshot","source_url":"https://stonkpile.xyz/api/index","date_original":"2026-09-26"}],"sources_used":[{"url":"https://www.theblock.co/news/defi/2026-09-06-stonk-surges-250-to-140-million-market-cap-as-stock-paired-solana-launchpad-stonkfun-pulls-volume-to-raydium-and-jupiter-413621","name":"STONK surges 250% to $140 million market cap as stock-paired Solana launchpad StonkFun pulls volume to Raydium and Jupiter","type":"news_article","archive_url":"http://web.archive.org/web/20260907153754/https://www.theblock.co/news/defi/2026-09-06-stonk-surges-250-to-140-million-market-cap-as-stock-paired-solana-launchpad-stonkfun-pulls-volume-to-raydium-and-jupiter-413621","credibility":1,"archive_timestamp":"2026-09-07T15:37:54+00:00"},{"url":"https://phemex.com/blogs/stonkfun-stonk-tokenized-stocks-trading","name":"What Is StonkFun (STONK) & How Tokens Trade vs Tokenized Stocks","type":"other","archive_url":"http://web.archive.org/web/20260911104310/https://phemex.com/blogs/stonkfun-stonk-tokenized-stocks-trading","credibility":3,"archive_timestamp":"2026-09-11T10:43:10+00:00"},{"url":"https://www.kucoin.com/blog/stonk-token-burn-hits-17-how-stonkfun-s-buyback-model-is-shrinking-supply","name":"STONK Token Burn Hits 17%: How StonkFun's Buyback Model Is Shrinking Supply","type":"news_article","archive_url":"https://web.archive.org/web/20260926152921/https://www.kucoin.com/blog/stonk-token-burn-hits-17-how-stonkfun-s-buyback-model-is-shrinking-supply","credibility":2,"archive_timestamp":"2026-09-26T15:29:21+00:00"},{"url":"https://defillama.com/protocol/stonkfun","name":"StonkFun Fees, Revenue & Volume (DefiLlama)","type":"research","archive_url":null,"credibility":2,"archive_timestamp":null},{"url":"https://www.stonkfun.xyz/revenue","name":"StonkFun Revenue dashboard","type":"official","archive_url":"http://web.archive.org/web/20260908164232/https://www.stonkfun.xyz/revenue","credibility":2,"archive_timestamp":"2026-09-08T16:42:32+00:00"},{"url":"https://www.toobit.com/en-US/news/tokenized-equity-meme-tokens-fail-to-squeeze-stocks","name":"Tokenized equity meme tokens fail to squeeze stocks","type":"news_article","archive_url":"https://web.archive.org/web/20260926130936/https://www.toobit.com/en-US/news/tokenized-equity-meme-tokens-fail-to-squeeze-stocks","credibility":2,"archive_timestamp":"2026-09-26T13:09:36+00:00"},{"url":"https://paragraph.com/@themechanismnote/the-weekend-price-problem-in-tokenized-stocks","name":"The Weekend Price Problem in Tokenized Stocks","type":"research","archive_url":"https://web.archive.org/web/20260926085309/https://paragraph.com/@themechanismnote/the-weekend-price-problem-in-tokenized-stocks","credibility":3,"archive_timestamp":"2026-09-26T08:53:09+00:00"},{"url":"https://stonkpile.xyz/api/index","name":"Stonkpile index (third-party dataset), snapshot 26 Sep 2026","type":"research","archive_url":"http://web.archive.org/web/20260926084440/https://stonkpile.xyz/api/index","credibility":2,"archive_timestamp":"2026-09-26T08:44:40+00:00"},{"url":"https://www.tradingview.com/news/cointelegraph:12e1fc27b094b:0-zachxbt-accuses-crypto-influencer-ansem-of-promoting-memecoin-pump-and-dumps/","name":"ZachXBT accuses crypto influencer Ansem of promoting memecoin 'pump and dumps'","type":"news_article","archive_url":"http://web.archive.org/web/20260911060632/https://www.tradingview.com/news/cointelegraph:12e1fc27b094b:0-zachxbt-accuses-crypto-influencer-ansem-of-promoting-memecoin-pump-and-dumps/","credibility":2,"archive_timestamp":"2026-09-11T06:06:32+00:00"},{"url":"https://finance.yahoo.com/news/crypto-influencer-ansem-accused-promoting-133112274.html","name":"Crypto Influencer Ansem Accused of Promoting Memecoin 'Pump and Dumps' By 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token market cap exceeds $150M, reaches new high","type":"news_article","archive_url":"https://web.archive.org/web/20260926062733/https://www.kucoin.com/news/flash/solana-s-stonk-token-market-cap-surpasses-150m-hits-new-high","credibility":2,"archive_timestamp":"2026-09-26T06:27:33+00:00"}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-code-investigator","created_at":"2026-09-26T05:26:24.124086+00:00","updated_at":"2026-09-26T15:29:45.282412+00:00"}}