![\"South](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy1pbWFnZXMuY3RtZWRpYS5pby9tZWRpYS9hcnRpY2xlLWNvdmVycy9hcnJlc3QtcG9saWNlLWhhY2tlci1jeWJlcmNyaW1lNi5qcGc=.jpg\")
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South Korean prosecutors reportedly charged a group over the CATFI memecoin rug pull, marking the country\u2019s first DEX rug-pull case under crypto law.<\/p>\n
South Korean prosecutors charged a group in an alleged rug pull involving the Solana-based memecoin Catpie, or CATFI, in what local media<\/a> described as the country\u2019s first decentralized exchange (DEX) rug-pull prosecution.<\/p>\n The group was reportedly app<\/a>rehended by the Seoul Southern District Prosecutors\u2019 Office\u2019s Virtual Asset Crime Joint Investigation Division. The main suspect, surnamed Park, allegedly posed as \u201cEth Father\u201d on social media platforms and falsely promoted CATFI as an independent third-party before executing a rug pull that caused about 900 million won ($599,000) in financial damage to at least 256 investors, local news<\/a> outlet Digital Asset Works said<\/a> Wednesday.<\/p>\n Prosecutors allege the group promoted CATFI on social media, drove the token\u2019s price up more than 1,000-fold within 26 hours and then sold their holdings for about 400 million won ($260,000) in illegal profit.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n