Legal First: South Korean Prosecutors Charge $SOL DEX Rug Pull Syndicate Under New User Protection Law ⚖️🇰🇷 The Joint Virtual Property Crime Investigation Unit of the Seoul Central District Prosecutor's Office has officially taken a group of individuals into custody for conducting a coordinated rug pull of the Solana-based memecoin CATFI. 🚀 This represents the first criminal prosecution of a decentralized exchange (DEX) fraud ring under South Korea's newly enacted Virtual Asset User Protection Act. The syndicate allegedly launched CATFI via Moon in early 2025 before using wash trading structures to orchestrate a massive 1,001x price increase in 26 hours, trapping over 6,000 retail market participants. 🛡️ The ringleader, operating under the crypto influencer pseudonym “Etherfather,” recommended the asset to unsuspecting investors while accomplices used cyclical intra-wallet transactions to disguise their centralized control over the token’s circulating supply. Investigators estimate the group made 400 million won (300,000) in illegal profits while imposing strict legal prohibitions against market manipulation and the dissemination of fraudulent financial disclosures. 🚔🛑 #Altcoin Season# #Solana #SouthKorea #CryptoNews