The user generated nearly 18000 tokens using the memecoin launchpad, Pump.Fun. He made almost $3.8 Million in profit from trading. You can also read about it here Conor Grogan heads the product operations department at Coinbase.
Grogan said that the user created an average of twelve tokens every hour, until he went to sleep and repeated the process on the next day.
The first coinage of the wallet on Pump.fun occurred in 2024, according to an Dune Analytics dashboard maintained by Evelyn233. This wallet is by far the biggest token deployer in the launchpad.
This wallet is notable for its 55.57% success rate in trading approximately $6.8 Million, which resulted in $3.76 Million in profit.
Grogan believes that if Pump.fun created a native coin and rewarded users through an airdrop event, this wallet could make up to eight figures.
Rug pull industry
Grogan admits that bots are used on Pump.fun in order to generate tokens. You can also find out more about This wallet has a manual process, as it is inactive during certain periods.
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“I dont think its a bot given its inactive at certain times! Maybe a bot working in conjunction with a human(s).”
Grogan believes that the creation of many tokens will prove profitable, and this tactic is likely to be adopted more by people as they realize its efficiency.
Artemis is a user who has been identified by the Artemis team Comment? Calling it a practice that is familiar will not change the fact. “rug farm.”They A wallet created 44,591 tokens for the Ethereum (ETH), layer-2 Blockchain Base. This wallet generated $600,000 in profit within 150 day. Artemis estimated that 177.39 ETH had been stolen by 9,256 users.
Artemis stated that scammers can drain the token’s liquidity in as little as a few minutes after an investment of a substantial amount or when there aren’t any buyers. The scammers are able to drain the liquidity from a token in less than a minute after securing hefty investments or if there are no buyers. Shown Below An example is a token whose liquidity was drained after 26 seconds of a user investing 0.99 ETH.
As bad actors gain profit, they also increase the liquidity in the pools, making their tokens appear more legit.
Artemis concluded:
“It’s interesting, that rugs are almost normalized in the industry. While protocol hackers are being prosecuted for stealing similar amounts, rugpullers seem to never face the justice.”
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