Solana's GOLD Token Embroiled in Alleged $312k Rug Pull

Blockchain researchers from Lookonchain have uncovered what appears to be a rug pull of the GOLD token on the Solana network.

The investigation revealed that 15 wallets associated with the project's development team sold 224.5 million GOLD tokens in a short period, receiving approximately $330,000 in return.

Experts analyzed the transactions and found that these addresses spent only $18,657 to purchase the tokens, resulting in a net profit of about $312,000, which is 17 times their initial investment.

The token's ownership structure raised doubts about its transparency. Before the sell-off, the developer owned 600 million GOLD, and 15 recently created addresses purchased an additional 224.5 million tokens, controlling a total of 82.45% of the entire GOLD issuance.