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Chayanika Deka

South Korea charges five over Solana memecoin CatFi in first case under new crypto user law

South Korean prosecutors have charged five people tied to the Solana meme coin project CatFi, alleging a coordinated rugpull after the token attracted investor funds. Investigators say CatFi was launched in early 2025 via Pump.fun and later saw an about 1,001x price jump within 26 hours as roughly 6,000 investors bought in. Prosecutors said 256 investors reported about 900 million won in losses and suspects allegedly made over 400 million won, with arrests including two suspects on May 11 and three more later on Wednesday.
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