South Korea Cracks Down on CatFi Rugpull: First-Ever Crypto Fraud Case Under New Investor Protection Law
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South Korea’s Seoul Southern District Prosecutors’ Office has charged five individuals tied to CatFi, a Solana-based meme token, accusing them of running a coordinated rugpull that siphoned investor funds. Two suspects are in custody and three were indicted without detention, underscoring crypto security risks, heightened enforcement and potential negative impact on token trust and DeFi adoption.
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South Korean prosecutors have filed charges against a group of individuals linked to a Solana-based meme coin project called CatFi, following allegations that the token was used in a coordinated rugpull scheme after attracting investor funds.
The Seoul Southern District Prosecutors’ Office confirmed in its Wednesday statement that five individuals are now facing charges in connection with the case, including two main suspects who have been placed in custody and three others who have been indicted without detention.
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