The South Korean prosecution has sent organizers of the Solana-based token CATFI to court on charges related to an alleged rug pull.

Alleged spike and investor reach

Authorities say CATFI appreciated by 1001 times within 26 hours, drawing roughly 6,000 investors into the offering.

Following the rapid appreciation, prosecutors allege the project team removed liquidity and realized proceeds of about $300,000.

Prosecutor’s allegations

The prosecution claims organizers amplified interest through coordinated social media activity and by allocating tokens across multiple wallets.

Investigators also contend that positive, fabricated messages were posted to obscure ongoing control of the project and its treasury.

Main accused and promotion

Officials identify a crypto influencer known as Etherfather as the principal suspect, asserting he promoted the token as an independent project.

«independent»

Rug pull mechanics and context

In a rug pull, developers typically inflate token interest, then withdraw liquidity so price collapses and outside holders incur losses.

Prosecutors have advanced the case to court; the legal process will determine criminal liability and potential restitution for affected investors.