Additionally involved in fake Solana memecoin initiatives could be the same organization suspected of planning the big $1.4 billion Bybit hack. Onchain investigator ZachXBT has found connections between the pilfers’ stolen money and rug pulls running over the Pump.fun platform.
Reported as one of the biggest in crypto history, the Bybit breach saw notable liquid-staked Ether (st ETH), Mantle Staked ETH (m ETH), and other assets drained on February 21. Experts in security, including Arkham Intelligence, have linked the hack to the infamous Lazarus Group, North Korean cybercrime squad.
ZachXBT claims that before being bridged to Solana, some of the pilfers—about $1.08 million—were sent to a specific wallet address. Later, several wallets, some with past ties to memecoin scams, divided these assets.
“I found over 920 addresses connected to the Bybit hack,” ZachXBT said on a Telegram thread. “One of the receivers has previously launched memecoins via Pump.fun, indicating possible ties to Lazarus Group’s laundering operations.”
Additional investigation points to the same group of hackers possibly having also been behind the January $29 million Phemex hack. These findings validate concerns about money pilferers using Solana’s memecoin market to conceal transactions and withdraw illicit profits.
Solana’s Memecoin Scams and Slowing Activity
Solana’s increasing number of false projects and rug pulls has eroded investor confidence. Once temporarily supported by Argentine President Javier Milei, the Libra ( LIBRA) token collapsed recently, resulting in an astonishing $107 million liquidity outflow. LIBRA’s price declined by 94% within hours, wiping out billions in market worth.
Declining capital inflows mirror the general negative attitude toward Solana. Glassnode’s Glassnode data shows that last month Solana’s MEME index showed a negative 5.9% return. Weekly active addresses on the network have also plummeted, from 15.6 million in November 2024 to barely 9.5 million in February.
Notwithstanding these obstacles, some analysts think Solana’s security and regulatory control may get long-term betterment from them. Still, the network is a hub for frauds right now; thus, users should be careful interacting with fresh initiatives.
