[CASE STUDY] Unmasking an Advanced Rug Pull

Alright, listen up you beautiful degens! Today, we’re diving deep into the dark underbelly of Solana shitcoins to expose one interesting rug pull.

The Setup: GAYLYMPICS Token

Gather ’round, kids. We’re gonna break down a real-life scam that went down faster than your hopes of ever affording a Lambo. Our case study: the GAYLYMPICS token. (Yeah, I know, the name should’ve been the first red flag, but we’ve all aped into worse, admit it.)

Here’s the token address for anyone interested in studying it him/herself: 31WfHNv1VJsHYArxwpgDb7StWDP6TTNwfvjKeEXMpump

The Rugger’s Playbook

Here’s how this scammer pulled off their heist:

1. The Initial Dump: Our “friend” minted a total of 1,000,000,000 tokens, out of which 655,642,129 tokens (65.6% of the total supply) were transferred to one wallet. Then, like a reverse Santa, this wallet started handing out small amounts of tokens as “gifts” to hundreds of other wallets. Why? Well, to mislead platforms like dexscreener, birdeye and rugcheck into thinking that the devs aren’t holding massive bags, of course.

Here’s the wallet that received 65.6% of all the tokens and started distributing them across many wallets: 88a9a2fGJciUURS2grqUzc1Bd5HG3w5uUQkwj1jRCVJt

You can follow this distribution in his transaction history, with one of the first transactions being the onload of the 655,642,129 tokens: 2xPVAzj5g3qgj8wCwPDGeGRyGAXbpzgr5YJeZvp6bfPhaYxE9i75CfHhqE75sQRMAH1YuP3BqXgBuBfW1SKQLHXJ

1. The Accumulation: After the initial stage, the LP is created and none of these platforms show any reg flags. From there all these little wallets started sending their tokens to one main wallet (let’s call it the “Whale Wallet”). It’s like watching all the streams flow into one big, scammy river.

The Whale Wallet: EXm8YJak6FmyQfN319bMP4emSRraFtwHaMQvAbufMu6s

1. The Rug Pull: Once the Whale Wallet had about 67% of the total supply (because why stop at 51% when you can be an overachiever?), they dumped it all in one massive transaction. We’re talking a single “Fuck you” to all the holders.

2. The Getaway: After selling all those tokens for SOL, our mastermind didn’t just ride off into the sunset. Oh no, they got creative. They spread that SOL across hundreds of other wallets. It’s like watching a magician do the cup and ball trick, but with your money.

3. The Speed: All of this – from market opening to complete rug pull – took about 13 minutes. That’s less time than it takes most of us to decide what to have for lunch.

Why This Is Next-Level Fuckery

1. Avoiding Detection: By spreading the initial tokens across multiple wallets, they avoid setting off alarm bells on rugcheck and birdeye. These sites often do their checks only once or update slowly.

2. Quick Execution: The speed of this operation means that by the time most people realize what’s happening, it’s already game over.

3. Complex Distribution: Spreading the SOL across hundreds of wallets makes it incredibly hard to track. It’s like trying to follow a single drop of water in a rainstorm.

4. Reusability: This scammer doesn’t reuse addresses. Each new scam gets a fresh set of wallets, making pattern recognition much harder.

Can You Actually Profit From This?

Here’s the kicker – it might actually be possible to make some gains off these scams, but we’re talking small amounts and you’d need to be faster than a caffeinated cheetah on a rocket.

• Lightning-Fast Entry and Exit: You’d need to spot the pattern as it’s happening and get in and out faster than the scammer can blink.

• Automated Tools: Unless you’ve got the reaction time of a Jedi on adderall, you’re gonna need bots. Advanced ones, not your grandma’s Discord alert bot.

• Risk Management: Remember, you’re essentially trying to outscam a scammer. It’s like playing chicken with a train – technically possible to win, but one mistake and you’re rekt.

The Degen’s Dilemma

Now, I know what some of you are thinking. “But bro, if I’m fast enough, I could ride this wave to the moon!” Listen here, Chadwick. For every surfer who catches this wave, there are a hundred who get pulled under. You’re not just gambling anymore; you’re gambling on your ability to outplay a professional con artist.

Wrapping It Up

This type of advanced rug pull is the crypto equivalent of a magic trick. By the time you think you’ve figured it out, your money’s already gone and the scammer’s laughing all the way to their non-KYC’d wallet.

Stay frosty, degens. And remember, in the world of Solana shitcoins, if it looks too good to be true, it’s probably a rug pull waiting to happen. And if it looks like a perfectly normal, slightly sus play? It might be an advanced rug pull like this one.

P.S. If you’re still doing this shit manually, you’re basically bringing a spoon to a gunfight. Just saying.