Solana Launchpad Rugproof Under Fire for Risky Token Launch Activity

Rugproof describes itself as a tool that helps users create new tokens safely. It promises early investment opportunities without risk, along with features that are meant to stop sudden price drops and reward long-term holders.

The website also says it will buy back tokens and give lifetime benefits to users.

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However, Bubblemaps reviewed the token’s launch and found signs that suggest it may not be as safe as advertised. According to their data, the creator of the project sent Solana tokens to 162 separate wallets. Those wallets bought half of the token’s entire supply.

Bubblemaps said:

Token creator o93G6B sent SOL to 162 wallets. These wallets bought 50% of the RugProof supply at launch.

This kind of setup can make it seem like many users are getting involved, even though most of the tokens might actually be controlled by the same person or group. Bubblemaps noted that this pattern is often seen in projects that later turn out to be scams.

Another concern is the lack of public information about the project. Rugproof has not shared clear details about its team, how the token is structured, or whether its smart contracts have been checked for safety.

Recently, BitMEX $387.54K reported that the majority of those who bought PUMP during its presale have already sold or transferred their tokens. What did the exchange say? Read the full story.