A group of organized criminals raked $2 million in a sophisticated rug pull that involved over six wallets. On June 3, 2025, just before the launch of the $ALT token, a wallet address–CFXWHVJ9GLAnioWDmVSpLR1q4QSVFecSZ4FBGxd7svKb—the $ALT scam funder wallet, transferred 83.3 SOL to six different wallets, which the receiver wallets used to buy small amounts of tokens from varying projects.
Upon finding similar buying patterns over the six wallets, the crypto analytical platform Blokiment started tracking the transactions on the wallets. “Over the course of a month, they engaged in low-volume trading across multiple tokens, sniping small amounts of various assets. However, the key event involving the $ALT token occurred on July 7, 2025, around 10:30 UTC, approximately two hours after the token’s launch,” stated Blokiment on X.
After the token was launched, these wallets collectively acquired 3% of the $ALT token supply for a total of $13,633, within a matter of 20 minutes. In the days following, the scammers offloaded the tokens, selling them for approximately $2.2 million USD, which was then finally transferred into a single wallet from the six wallets.
Upon inspecting the final destination wallet, which holds over $3 million in funds, Blokiments began linking it to other suspicious wallets. At the end of the analysis, the Blokiments team revealed patterns indicating that this group has been involved in multiple previous rug pulls, including one tied to the $Alpha token.
After the rug pull, the market cap of the $ALT token crashed from $180 million to under $5 million. An X user by the pseudonym cryptobeastreal, who was shilling the token before the rug pull, deactivated his X handle after promoting the token heavily.
