As we delve deeper into the Solana blockchain and right to the core of most of the recent influx of token creations, we end up on pump.fun

This is a crypto trading platform that enables users to create tokens and launch them onto decentralized exchanges like Raydium.

What are the requirements? Nothing! Anyone can go on the platform,connect their wallet and create a coin right away, with the exception of a gas fee to execute the creation. If the token reaches a $100,000 market cap, it will migrate to Raydium and award the token creator's wallet with 0.5 SOL.

Where the Scams Begin

Maybe you are reading this and your experience as a trader is limited or maybe you're well rehearsed and have deep insight on tokenomics, technology and trading. Regardless, scams are there and with every passing minute, they get more elusive; social engineering at it's finest. 

How is it that a token can turn someones $200 investment into $200,000+ in just minutes?

The utility isn't even there, yet money is being pumped into this at exponential rates?

You really have to look at the bigger picture and try to have an understanding of what is happening on the backend of these tokens, which can take a serious amount of research, not only on the tokenomics but also the motive of the KOL's (Key Opinion Influencers) and insider holdings, bots etc..

Let's take a look at this trade from a top trader on bullx, who is also popular in the Solana community and goes by the alias Frank Degods on X. He is using Bullx Neo, which is a telegram based trading bot which has become increasingly more popular in the recent months. Additional bots that are being used are Nova and Photon which can be integrated with bullx

Even though it's a bot, you may consider it a trading application with additional features such as displaying holder amounts with each assigned wallet and more. This is only accessible by waiting a very long time in que to access the bot or get a special access code from....guess who! Your favourite influencer who is a most likely a top holder in whatever coins are being promoted on his channel or within his content!

How the Scams Initiate

Slowly over the past few months the scams have shifted dramatically in terms of execution and narrative. In the early days of bullx in mid 2024, it was news but not too shocking to some people that people were getting "rugged". If you know about the Quant kid, you can consider it the start of the scam era.

How is it that a 12 year old kid can make $30,000 in just minutes? This is what sparked a lot of curiousity in the news and media, while influencers slowly got a grasp on the idea of doing the same thing but at a larger scale and more discreet.

"Once the money is in the bag, what else matters, right?" - This is the unforgiving decision some people would secure over anything; morals, reputation and even disregarding the damage it can cause to others.

Type of scams and the scam meta shift

The current and most recent meta i have personally analyzed in the minds of scammers is risky but potentially generational. Well rehearsed experts in the crypto space are taking on the role of key opinion leaders in connected groups for maximum insider gain. Using other reputable or popular entities that are completely inexperienced in crypto and openly discussing a potential scam operation that could take place and benefit all the influencers.

The most recent example of a self exploited operation comes from the FaZe clan owner @FaZe Banks after posting and deleting a reply on Kayne West's post on X that revealed his intentions and goals; money money money. Do you really think he believes in the projects he is promoting? Or is making money and not worrying about any of that sound a lot more enticing? 

Lets take a look at this recent post from Kayne West

He took a screenshot of a message from some influencer that clearly has money to spend and a verified blue checkmark to be able to message Kanye. This exact message shows the role everyone can play in this big scam which potentially has no consequences for the scammers. 

Conclusion and outlook

With many big names onboarding the idea and feeling confident in the legal security of inducing these methods of scams, you can expect many more celebrities, musicians and public figures following suite and securing easy money. Maybe this is the filter that has long been needed to show the true colours of many influencers and bring to light the ones who chose not to participate in these operations, even if they knew they would not face any consequences.

This could be the next step in maybe creating a ranked reputation system into creating more stable online influence but that can only be speculation!

If you enjoy this type of content and want me to write more about this, please leave a comment and give it a like ~Thanks Everyone~

Edit: Continue to Part 2