Bubblemaps Alleges $125K Pump.fun Scam by Influencer Ethan

The investigation, detailed in an October 9 report, claims Ethan utilized a "buy, callout, sell" strategy across 49 separate token promotions. Bubblemaps identified a cluster of wallets—including those labeled 6yVb4p, CLiXvf, GKMJwv, and 1chdHB—that reportedly entered positions just seconds before Ethan’s public endorsements. According to the firm’s data, these addresses began offloading their holdings within an average of three minutes following his initial callouts, sometimes continuing to sell while the influencer posted positive commentary to his 88,000 followers.

Researchers estimate the total illicit gain at $125,000, split between $45,000 in trading profits and $80,000 in rewards from the Pump.fun Callout Rewards Program. While these findings suggest a pattern of market manipulation, Bubblemaps acknowledges that blockchain transaction records do not definitively prove common ownership or control of the wallets. To date, there has been no independent verification of the wallet links, nor have any regulatory bodies or the Pump.fun platform confirmed enforcement actions against the influencer. Pump.fun’s terms of service explicitly prohibit misleading promotions and coordinated trading, granting the platform authority to withhold rewards if manipulation is detected.