South Korea indicts operators in first DEX memecoin rug-pull case involving ‘CATFI’ South Korean prosecutors have indicted the operators behind the Solana-based memecoin “CATFI” in connection with a rug-pull scheme. The case marks the country’s first criminal prosecution of a DEX-based rug pull under the Virtual Asset User Protection Act, signaling a stronger enforcement stance by authorities. According to prosecutors, the group promoted CATFI on social media as if it were an independent project, driving the token’s price up more than 1,000-fold within 26 hours. They allegedly sold their holdings at the peak, earning approximately 400 million won (about $260,000) in illicit profits. At least 256 investors are reported to have suffered losses totaling around 900 million won (about $600,000). CATFI’s market capitalization once surged to $8 .99 million in February 2025 but has since plunged 99% to roughly $50,000. The X account used to promote the project has also been deleted. 👉 The case underscores the risks of price manipulation and rug pulls in DEX-based memecoins and suggests that regulatory scrutiny and enforcement actions in the sector are likely to intensify.