Prosecutors seek 4.5-year sentence for CATFI memecoin rug pull mastermind

South Korean prosecutors are seeking a 4.5-year prison sentence for the mastermind behind a rug pull involving the Solana-based memecoin CATFI, Digital Asset reported. The group is accused of securing 400 million won (around $290,000) in illicit profits through fraudulent trading on social media. According to the investigation, the perpetrators spent a few million won to issue CATFI on Pump.fun in early 2025 before listing it on a decentralized exchange (DEX) and executing the rug pull. The token's price surged 1,001-fold within 26 hours of its launch, attracting around 6,000 investors. The scheme ultimately resulted in 256 investors losing a total of 900 million won (around $652,000).