Blockchain analytics platform Bubblemaps raised concerns about Rugproof, a self-described Solana-based launchpad that claims to protect investors from rug pulls.
Ironically, Bubblemaps alleged that the project may be orchestrating the type of exploit it claims to prevent. On Monday, the analytics platform shared information about the project, saying someone had built an allegedly “Rugproof Launchpad” just to “rug” users.
Rugproof claimed on its website that it lets anyone create tokens with “zero-risk early investment, anti-dump mechanics and built-in rewards for loyal holders.” It also claimed to perform token buybacks and offer lifetime rewards.
Bubblemaps said that the data shows otherwise. The analytics platform said 50% of the project’s tokens were “bundled at launch.”
Cointelegraph reached out to the Rugproof team but had not received a response by publication.
Token creator distributes SOL to 162 wallets to buy Rugproof
Using its visual bubble map that tracks onchain data, Bubblemaps analysts demonstrated the connection between the project’s tokenholders.
According to Bubblemaps, the project’s creator sent Solana (SOL) tokens to 162 different wallets. Afterward, the wallets bought half of the token’s supply. “Token creator o93G6B sent SOL to 162 wallets. These wallets bought 50% of the RugProof supply at launch,” Bubbllemaps said.
This structure mirrors the setup of many rug pulls in the past.
The move to send crypto assets from the token creator to 162 wallets could be seen as an attempt to create an illusion of a fair and decentralized launch despite being linked or controlled by the same entity.
The project’s details, such as its team identities, tokenomics or smart contract audits, remain undisclosed and difficult to verify through its public data and channels.
Bubblemaps is a platform that transforms onchain data into interactive bubbles, allowing users to see token distributions and wallet interactions more easily. The platform often points out wallet clusters that indicate control over a project’s supply.
On July 15, the platform shared a “bubble map,” a visual representation of a project called ALT, which crashed from a $190 million to a $3 million market cap because of an alleged rug pull.
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Memecoin sector flips bullish in July
The rug pull allegations came as memecoins rallied in July. On Wednesday, the overall valuation for memecoins surged to $85 billion, up 54% compared to June 30. At the time of writing, the sector’s market cap had corrected to $73 billion, which is still up 32% compared to June.
Mercuryo co-founder and CEO Petr Kozyakov previously told Cointelegraph that the memecoin market surge has been triggered by a mix of events, including the Pump.fun initial coin offering, memecoin accessibility and the Bitcoin (BTC) surge to new all-time highs.
He said that the mood on memecoins has “undoubtedly flipped to the bullish side.”
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