Blockchain analytics firm Bubblemaps has accused crypto influencer Ethan (@0xEthan) of pocketing roughly $125,000 from 49 token promotions on the Pump.fun platform. Of that total, about $45,000 came from direct trading profits, while the remaining $80,000 was earned in promotional fees to promote tokens on the Solana network.
A report from X user @bandosei initially triggered the Bubblemaps investigation. The analytics firm then traced transaction histories on the Solana network and uncovered a recurring pattern before public recommendations were announced.
Buying in the Exact Same Second
Ethan has around 88,000 followers on Pump.fun. Such a sizable audience means his token calls immediately trigger buying activity among retail investors.
In its investigation, Bubblemaps identified four suspicious wallet addresses: 6yVb4p, CLiXvf, GKMJwv, and 1chdHB. These addresses showed precise timing links with Ethan’s public account activity.
In one finding, Ethan’s public wallet bought a token, and three other addresses purchased in the exact same second. Only after those simultaneous purchases were executed did Ethan post the token recommendation to his tens of thousands of followers.
Three Minutes to Sell
As soon as the recommendation went live and followers began buying, the transaction flow immediately reversed. Wallets that had accumulated tokens seconds before the announcement began offloading their assets onto the market.
Bubblemaps noted that the associated wallets sold their tokens within an average of three minutes after the initial recommendation was posted. This buy-early, sell-fast scheme allegedly occurred repeatedly across 49 different tokens on the Pump.fun platform.
Inflows from followers enticed by the recommendation provided instant liquidity for those rapid sales. That pattern generated roughly $45,000 in accumulated trading profits, on top of the promotional fees Ethan received.
What Remains Unverified
It is important to note that all these allegations rely on blockchain transaction analysis. Bubblemaps linked the wallets based on timestamps and transaction flows on the Solana network, without independent proof of ownership beyond on-chain data.
As of the investigation report’s release, Ethan had not provided a public response cited in available reporting to clarify his connection to the wallets.
For investors active in the Solana meme coin market, the findings highlight the risks of buying tokens solely based on recommendations from popular accounts. A spike in trading volume seconds after a post goes live is often not the start of price growth, but rather room for early buyers to quickly exit with profits.
Reported by crypto.news.
Also read: XRP Ledger Overflow Bug Briefly Opened Door to Minting Illegal Coins - Costing Only Hundreds of XRP
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
