Rugproof or Rug Setup? Bubblemaps Uncovers Suspicious Token Activity on Solana

Andrew Chen
Solana (SOL)

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Key Takeaways:

  • Bubblemaps flagged Rugproof for sending SOL to 162 wallets that bought 50% of the token supply.
  • The setup mimics known rug pull tactics despite Rugproof’s anti-rug claims.
  • Use of a private wallet and lack of transparency deepen investor skepticism.

Blockchain analytics platform Bubblemaps has raised alarm bells about Rugproof, a Solana-based launchpad that ironically claims to protect investors from rug pulls. Instead, Bubblemaps alleges that the project may be executing the very type of exploit it says it prevents.

In a post shared on Monday, Bubblemaps detailed how Rugproof’s structure resembles classic rug pull patterns. According to their analysis, the token creator sent Solana (SOL) to 162 separate wallets, which then collectively bought 50% of the token supply at launch—a setup commonly seen in manipulative crypto schemes.

Decentralization or Deception? Token Distribution Under Scrutiny

Rugproof claims to offer zero-risk early investments and anti-dump mechanics. However, Bubblemaps’ visual data tells a different story. The platform’s onchain bubble maps reveal a tightly linked cluster of wallet activity, suggesting centralized control.

Bubblemaps also noted that the origin wallet distributing SOL was not a smart contract but a private address—an unusual and opaque practice for a platform touting investor safety and reward redistribution. Attempts to contact Rugproof yielded no reply, and key details like the team’s identity and smart contract audits remain undisclosed.

Echoes of Past Rug Pulls as Memecoins Surge

This isn’t Bubblemaps’ first rodeo. The platform recently exposed similar behavior in the project ALT, which crashed from a $190 million to $3 million market cap after an alleged rug pull. As memecoins enjoy renewed bullish sentiment—with a July peak valuation of $85 billion—analysts warn that investor hype may attract bad actors deploying deceptive tactics.

Also Read: How to Spot a Rug Pull Before It Happens 2025: 7 Proven On-Chain Warning Signs

Also Read: Firedancer Validator Outpaces Solana on Fogo Chain

A Bubblemaps spokesperson stated that while Rugproof later claimed the SOL redistributions were part of their rewards model, the use of a private wallet and lack of public verification kept suspicions high.

Rugproof’s launch raises more questions than it answers, and Bubblemaps’ visual data paints a concerning picture of potential manipulation. As Solana’s ecosystem and memecoins gain traction, investors are reminded that rug pulls often hide behind innovation and marketing buzzwords.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses

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