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Rug Republic — Coordinated Pump.fun / Solana Bundle-Rug Cluster

avoid.net/rug-republic-coordinated-pump-fun-solana-bundle-rug-cluster→0/100·72% conf.
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Summary

The 'Rug Republic' is a term used by on-chain researchers to describe a cluster of approximately twelve coordinated wallet groups alleged to have systematically deployed, manipulated, and drained tokens on the Solana-based meme coin launchpad Pump.fun between January and April 2025. According to analysis attributed to Arkham Intelligence's Ultra AI clustering, this cluster allegedly accounted for approximately 18 percent of all token creations on the platform while orchestrating roughly 82 percent of liquidity drains, with estimated exit-scam profits of $4.2 million. The broader Pump.fun ecosystem, within which this cluster operated, is the subject of an active federal class-action RICO lawsuit filed in the U.S. District Court for the Southern District of New York.

Connected Entities

6 entities · 60 linked investigations
Organizations
□Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)□Jito Labs62□Rug Republic — Coordinated Pump.fun / Solana Bundle-Rug Cluster□Baton Corporation Ltd (Pump.fun)□Solana62□Baton Corporation (Pump.fun)
Relationships
  • Rug Republic — Coordinated Pump.fun / Solana Bundle-Rug Cluster→mentioned with→Solana(80%)
  • Jito Labs→mentioned with→Solana(80%)
  • Baton Corporation (Pump.fun)→mentioned with→Solana(80%)
  • Jito Labs→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(85%)
  • Rug Republic — Coordinated Pump.fun / Solana Bundle-Rug Cluster→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(80%)
  • Baton Corporation Ltd (Pump.fun)→mentioned with→Baton Corporation (Pump.fun)(80%)
  • Baton Corporation (Pump.fun)→mentioned with→Jito Labs(80%)
  • Baton Corporation Ltd (Pump.fun)→mentioned with→Jito Labs(80%)
  • Baton Corporation (Pump.fun)→mentioned with→Baton Corporation Ltd (Pump.fun)(80%)
  • Jito Labs→mentioned with→Baton Corporation Ltd (Pump.fun)(80%)
  • + 11 more
Also appears in
Solana·62Jito Labs·62Jump Trading·42OpenZeppelin AI Exploit Threat Vector·15Shibarium·28Sky (MakerDAO)·51SIGMA Bot·4Crossmint·70Teraswitch (Solana validator hosting concentration incident)·52Socket Security Malicious Browser Extension Campaign August 2026·2+ 50 more

Connected Through

5 shared actors · 381 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Rug Republic — Coordinated Pump.fun / Solana Bundle-Rug Cluster?

Timeline(14 events)

19 January 2024

Pump.fun launches on Solana, introducing a permissionless bonding-curve meme coin launchpad. Rapid adoption follows, with millions of tokens subsequently deployed.

Decrypt — Project of the Year 2024: Pump.fun

2024

Community researchers begin documenting coordinated multi-wallet rug pull operations on Pump.fun. One wallet cluster is observed deploying over 170 tokens across a four-week window in March–April 2024, with each token's liquidity drained within 10–20 minutes of launch.

MUST READ! Rug Republic: Inside Solana's Meme Coin Machine on Pump.fun — Medium

29 January 2025

Class-action lawsuit Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun filed in U.S. District Court, Southern District of New York (Case No. 1:25-cv-00880) by Burwick Law and Wolf Popper LLP.

CourtListener — Aguilar v. Baton Corporation

February 2025

Merkle Science publishes report estimating $500 million lost to rug pulls and scams on Solana during 2024.

Solidus Labs Rug Pull Report (citing Merkle Science)

27 February 2025

SEC Division of Corporate Finance issues guidance concluding that memecoins do not constitute securities offerings, narrowing one potential enforcement avenue for Pump.fun rug-pull victims.

Solidus Labs Rug Pull Report — Regulatory Context

20 March 2025

Pump.fun launches PumpSwap, its native DEX. Graduated token migrations shift from Raydium to PumpSwap, eliminating the 6 SOL migration fee.

Pump.fun launches DEX called PumpSwap — The Block

7 April 2025

U.S. DOJ Deputy Attorney General Todd Blanche publicly identifies rug pulls as a federal prosecution priority.

Solidus Labs Rug Pull Report — Regulatory Context

30 April 2025

Pine Analytics publishes 'Exit Liquidity Machines' report documenting 15,000-plus SOL in profits extracted through same-block coordinated sniping across 15,000-plus Pump.fun launches, involving 4,600-plus sniper wallets. Analysis covers approximately a one-month observation window.

Exit Liquidity Machines — Pine Analytics

8 May 2025

Solidus Labs publishes report finding 98.6 percent of Pump.fun tokens are rug pulls or pump-and-dump schemes. Pump.fun spokesperson disputes findings. CoinDesk covers both the report and the rebuttal.

Pump.fun Hits Back at Report That Claimed 98% of Memecoins Are Fraudulent — CoinDesk

25 June 2025

Judge Colleen McMahon (SDNY) orders consolidation of related Pump.fun class-action cases.

Pump.fun and Solana RICO Lawsuit: Aguilar v. Baton Corporation — Burwick Law

22 July 2025

Amended consolidated complaint adding RICO allegations, new defendants (Solana Labs, Solana Foundation, Jito entities, individual executives), and 25 anonymous KOL defendants filed in SDNY. Estimated damages: $4–5.5 billion.

Solana, Pump.fun Named in Amended RICO Suit — Decrypt

16 December 2025

Judge McMahon grants plaintiffs leave to file a second amended complaint, incorporating whistleblower-submitted chat logs. Over 5,000 alleged internal messages entered as evidence.

MEV Lawsuit Against Pump.fun, Solana Heats Up — Unchained Crypto

7 January 2026

Second amended consolidated class-action complaint filed in SDNY.

Pump.fun and Solana RICO Lawsuit — Burwick Law

February 2026

South Korean prosecutors bring the first DEX rug-pull prosecution under the Virtual Asset User Protection Act, charging five individuals over CATFI meme coin launched on Pump.fun in February 2025. Losses: approximately 900 million KRW ($600,000) across 256 investors.

South Korea arrests suspects behind Solana memecoin CatFi — The Block
Provenance & Audit Trail
Anchored on SolanaVerify on-chain17 Wayback Archives

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (3 events). 17 of 21 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 8/7/2026, 12:53:22 AM

last updated: 8/8/2026, 12:55:57 AM

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