Analytics firm Bubblemaps has accused Solana trader Cupsey of executing a scheme to extract $1.74 million. The operation allegedly involved a network of approximately 30 interconnected wallets used to front-run copy traders.
The process reportedly involved four stages: purchasing tokens early, distributing them to side wallets, using a public wallet to attract copy traders, and selling holdings into the resulting demand. Since May 7, these 30 wallets have executed over 27,000 trades.
Bubblemaps also linked Cupsey to a wallet address starting with 3z4vj, which allegedly generated $1.3 million through token launches and subsequent rug pulls. Additionally, the trader reportedly earned $331,000 in rewards from callouts.
The token CUPSEY, associated with the pump.fun platform, reached a market capitalization of nearly $3.7 million. These findings are based on blockchain data analysis and have not been proven in court.
