The MemeCoin Mirage: How Pump.fun Is Being Exploited by Serial Scammers

The MemeCoin Mirage: How Pump.fun Is Being Exploited by Serial Scammers

In the ever-evolving landscape of crypto, memecoins have carved out a chaotic,

unpredictable niche—some projects moon within hours, while others vanish just as fast. But behind the hype, something much darker is brewing. It’s no longer just about luck or poor research—it’s about systematic exploitation. And it’s time we talk about the bad actors fueling it.

Two wallets, countless rug pulls, and over $400,000+ stolen in mere days. This isn’t trading. This is organized crypto crime.

Meet the Wallets That Won’t Stop Rugging

Let’s start with the evidence.

1. Wallet 1: HyNYVymnFmi87NsQqWzLJhUTPBKQUfgfhd…
   Username: @shitoshi__
   Followers: 9232
   Created Coins: 10 (and counting)
   Solana Balance: $270.05 (at the time of writing)
   Known as “shitcoin fartamoto”—and that name might be the only honest thing about them.
   
   
   

2. Wallet 2: GZVSEAajExLJEvACHHQcujBw7nJq98GWUEZtood9LM9b
   Username: @mrdevvvv
   Followers: 322
   Tokens Created: Dozens in a day
   Operation: Copy-paste meme trends, launch fake coins on Pump.fun, drain liquidity, and vanish.

These aren’t one-off grifts. These are repeat offenders. Wallet 2, for instance, launched over 1000+ memecoins in just four days, according to on-chain activity. The wallet continuously mints new tokens, rugs within minutes, and cycles to the next project like clockwork.

How They Do It: The MemeCoin Rug Formula

There’s a formula—and they’ve perfected it:

1. Choose a Trending Meme – Scan X (formerly Twitter) and Telegram for whatever’s hot.
2. Steal the Image, Copy the Caption – Literally lift the brand identity from existing projects.
3. Create the Token on Pump.fun – Takes less than a minute. No coding, no utility, no honesty.
4. Inject Hype – Retweet with their alt accounts, fake engagement, bait unsuspecting users.
5. Pull the Rug – Once the LP fills with enough SOL, they yank it. Investors left holding dust.
6. Repeat Every Few Minutes – One wallet alone averaged a rug every 5–10 minutes.

In one instance, these wallets made $275,000+ in just 30 days. No remorse. No slowing down. Just farming hype and draining real money.

Why This Matters: Real Losses, Fake Coins

We tend to laugh off rug pulls in the memecoin space—“you knew what you were signing up for,” right? But when the same wallets are running scams non-stop, this becomes less about investor ignorance and more about unchecked abuse.

People are losing rent money. Students aping into hyped tokens wake up broke. Newcomers who think they’re getting in on the next DOGE are instead getting conned by serial fraudsters hiding behind Pepe profile pictures.

And what are platforms like Pump.fun doing about it?

So far… nothing.

Red Flags to Watch For

If you’re diving into memecoins, you need to pause and investigate—even if you’re in it “just for fun.” Here’s how to spot a potential rug:

• Brand New Wallet: No real history, just a trail of rugs.
• Multiple Token Creations: Rug wallets often mass-produce coins.
• Copy-Pasted Memes: Lazy branding is a telltale sign.
• No Real Community: Bots and fake replies only.
• Hype With No Roadmap: All sizzle, no steak.

These scammers rely on your FOMO to bypass your common sense.

Targeting @shitoshi__ and @mrdevvvv: The Faces of This Scam Wave

Let’s call it what it is: a scam factory.

• @shitoshi__ markets themselves like a meme god but acts like a Ponzi merchant.
• @mrdevvvv? Just check the screenshot: an assembly line of token launches with the same wallet address.

They’re exploiting Pump.fun’s rapid-launch feature, targeting people who chase moonshots with no due diligence.

And they’re laughing all the way to their Phantom wallets.

How Can the Community Fight Back?

We’re not helpless. Here’s how we fight:

1. Call Out Wallets Publicly – Threads like this raise awareness.
2. Track Wallets on Solscan – Always check the wallet’s activity before investing.
3. Demand Accountability From Platforms – If Pump.fun won’t implement safeguards, the community must boycott repeat rug accounts.
4. Report to Solana Ecosystem Teams – If this continues, it could tank Solana’s memecoin credibility.

Final Thoughts

This isn’t just about two scammers.

It’s about the platforms enabling them, the influencers amplifying them, and the apes funding them.

The memecoin space will never be “safe” per se, but it shouldn’t be open season for systematic exploitation.

To @shitoshi__ and @mrdevvvv: the community sees you.

To the rest of crypto: watch where you park your SOL—or you’ll be fueling someone’s rug schedule.

Stay smart. Stay skeptical. And always check wallet history before aping in.

This blog is part of an ongoing investigative series into scam wallets, rug pullers, and memecoin frauds across the Solana ecosystem. If you’ve been affected or want to contribute data, reach out.

- Amol Salunkhe.