From Hype to Collapse: Investigating Rug Pull Scams on Solana

Solana has experienced rapid growth due to its high performance and low transaction costs, but the extremely low barrier to token issuance has also enabled widespread Rug Pulls. Unlike Ethereum-based Rug Pulls, which often rely on malicious smart-contract logic, Solana's unified SPL Token program shifts fraudulent execution toward on-chain behavioral manipulation. However, existing research has not systematically examined these Solana-specific Rug Pull patterns, and no public Solana Rug Pull dataset is available for empirical research. To bridge this gap, we present a large-scale measurement study of Rug Pulls on Solana. We manually verify 68 community-reported incidents and curate a benchmark of 117 confirmed Rug Pull tokens, from which we distill three representative on-chain behavioral patterns: Freeze Authority Abuse, Liquidity Withdrawal, and Pump-and-Dump. Guided by these patterns, we design a behavior-guided candidate identification and human-validation pipeline. We apply this pipeline to 100,063 tokens newly issued on Orca, Raydium, and Meteora during the first half of 2025, identifying 76,469 Rug Pull tokens. A random manual audit of 382 samples estimates a labeling false-positive rate of 0.26\%, supporting the reliability of the dataset. We release the resulting dataset and use it to characterize the Solana Rug Pull ecosystem. Our analysis shows that Rug Pulls on Solana exhibit extremely short lifecycles, strong price-driven dynamics, severe economic losses, and highly organized group behaviors. These findings provide new insights into the Solana Rug Pull landscape and support the development of effective on-chain defense mechanisms.