SolRugDetector: Investigating Rug Pulls on Solana
Jiaxin Chen, Ziwei Li, Zigui Jiang, Ruihong He, Yantong Zhou, Jiajing Wu, Zibin Zheng

TL;DR
This paper presents a comprehensive empirical analysis of Rug Pulls on Solana, introduces SolRugDetector for on-chain fraud detection, and provides large-scale insights into the Rug Pull ecosystem on Solana.
Contribution
It offers the first systematic analysis of Solana-specific Rug Pull patterns, a new detection system, and large-scale measurement results.
Findings
76,469 Rug Pull tokens identified in recent issuance
Rug Pulls have short lifecycles and are highly organized
Significant economic losses associated with Rug Pulls
Abstract
Solana has experienced rapid growth due to its high performance and low transaction costs, but the extremely low barrier to token issuance has also led to widespread Rug Pulls. Unlike Ethereum-based Rug Pulls that rely on malicious smart contracts, the unified SPL Token program on Solana shifts fraudulent behaviors toward on-chain operations such as market manipulation. However, existing research has not yet conducted a systematic analysis of these specific Rug Pull patterns on Solana. In this paper, we present a comprehensive empirical study of Rug Pulls on Solana. Based on 68 real-world incident reports, we construct and release a manually labeled dataset containing 117 confirmed Rug Pull tokens and characterize the workflow of Rug Pulls on Solana. Building on this analysis, we propose SolRugDetector, a detection system that identifies fraudulent tokens solely using on-chain…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cryptography and Data Security · Security and Verification in Computing
