$700,000 Scammed in the Why Are You Gay ($GAY) Pump & Dump

Investigation Summary

Our team has uncovered and tracked a sophisticated pump and dump scheme on the Solana blockchain that netted scammers approximately $700,000 in profit. The scheme involved creating a meme token, manipulating its liquidity and price through multiple wallets, and extracting value before retail investors could react.

What made this scam particularly effective was the exploitation of the viral "Why are you gay" meme. The scammers deceptively used the identity of Simon Kaggwa Njala, the Ugandan journalist from the original meme, as the face of the project. This connection to a recognizable internet meme gave the token an air of legitimacy and humor that helped it spread quickly through influencer networks, leading to further deception of retail investors who assumed the project had genuine connections to the meme's origin.

This report details the complete transaction flow, wallet connections, and methodology used by the scammers, providing valuable insight into how these schemes operate.

The Token & Initial Setup

The investigation centers around a token with mint address G5HjbQ7W...MZYfJgayCopy to clipboard, created on March 3, 2025 at 20:07:59 UTC. The creation transaction hash is 5UCBSqh2...H6YiaZdACopy to clipboard.

The token's creator wallet 4eRVnbut...R4juWgB2Copy to clipboard was initially funded by wallet J93JjPnQ...Hf5ufxmDCopy to clipboard, with the funding transaction hash being Us19cAA1...dRPmhevKCopy to clipboard.

Notably, the wallet J93JjPnQ...Hf5ufxmDCopy to clipboard was itself funded by 6May4gf4...vKDbS9LPCopy to clipboard, as evidenced by the transaction hash 44KWmPNJ...iZULW7vJCopy to clipboard. The latter wallet has been connected to other pump and dump schemes, including a significant one involving a token called "RUM" where it transferred $367,907.13 in a single transaction (4SzgUbuC...ErUCzP8gCopy to clipboard).

Timeline & Insider Trading Evidence

Our investigation revealed a clear pattern of insider trading:

1. Token Creation: March 03, 2025 20:07:59 UTC
2. Insider Buys: March 03, 2025 21:50:49 UTC (~87 million tokens) via wallet C52odKfx...RrcEGVkVCopy to clipboard with transaction hash 37PFe9NC...7KpT2Bz8Copy to clipboard
3. Public Announcement: March 03, 2025 22:05 UTC (Twitter post)

The 15-minute gap between the large insider purchase and the public announcement is a classic sign of a planned pump and dump scheme. This allowed insiders to acquire tokens at the lowest possible price before public interest drove up the price.

The Multi-Wallet Strategy: Concealing Large-Scale Selloffs

After the initial token purchase, the scammers distributed tokens to more than 50 different wallets as a sophisticated way to sell off their holdings without alerting investors. Rather than dumping tokens from a single wallet (which would be obvious and cause immediate panic), this distribution allowed them to gradually sell from multiple addresses, making it appear as if regular trading was occurring rather than a coordinated exit by insiders.

This strategy is particularly effective as it prevents large single-wallet selloffs that would trigger alarms among investors or analytics platforms that monitor whale movements. By spreading the tokens across numerous wallets that each sold smaller amounts, they could extract value without causing an obvious price collapse until it was too late.

Here's a complete list of the 50 wallets used, along with the corresponding transaction hashes for the token transfer:

• BSGWSkcK...KrWfMoDdCopy to clipboard - 5T4YWAoD...BiasxqfJCopy to clipboard
• 7kAypbQx...5wFCmdvfCopy to clipboard - 3rvU4N6o...jwC268X7Copy to clipboard
• 4oQxCMZe...vrNzo3t8Copy to clipboard - 5AbovGDT...N23MnVpiCopy to clipboard
• 8i2JurA1...ecLe1bLTCopy to clipboard - 34Qoe1C3...QiowasJXCopy to clipboard
• 7qUAPEUT...R82CMDiLCopy to clipboard - 3rLv3Y1J...17xwnvZ7Copy to clipboard
• 7wWf6w2L...Hm9sFwBtCopy to clipboard - 5Z5hEhEE...Vx1cbvQSCopy to clipboard
• DGpvDwed...JMR4X4DaCopy to clipboard - 2p3YAubn...VXgem4aLCopy to clipboard
• D8CCJMdT...2JhXNbgHCopy to clipboard - 5JeEDbbF...gZo41vPnCopy to clipboard
• 3oQNdNM3...vH8GeAHHCopy to clipboard - 29p3p6Wm...F7ZSQtn9Copy to clipboard
• 4kXbLYT4...Sk7YhZVhCopy to clipboard - 5LcyfC4z...TmpEWsZFCopy to clipboard
• Af3MdSYr...3PDc3ypDCopy to clipboard - 3ZmFb6QH...zAuxWyDrCopy to clipboard
• 6UhNsp82...mk2inveUCopy to clipboard - 55JbNvRf...3twkDdyyCopy to clipboard
• GNwNY8RQ...RK8LRnFYCopy to clipboard - 3ZDbGffT...Tc5k4YnDCopy to clipboard
• HBkP45EW...enf5va8xCopy to clipboard - 2TruYd2M...D43cfcP7Copy to clipboard
• GqsihoDi...5q1NxfVQCopy to clipboard - 4qzn2Qgr...JobzmvymCopy to clipboard
• E3EnJBBh...fPVTbXVNCopy to clipboard - g1pghUA8...1uTCmrZGCopy to clipboard
• 8eHfF6P9...jQAkCHdgCopy to clipboard - 64HPKGYT...pqGTWzzKCopy to clipboard
• D8GuSQdj...t4cqnEztCopy to clipboard - 2Q5ESpir...gRup8DFaCopy to clipboard
• Mv4ABkVP...NWo3TkjECopy to clipboard - 3vGgtEFs...NxwGZ8zsCopy to clipboard
• 9Qv5stVf...zP1BDWSrCopy to clipboard - 2GknqcH8...nCgKJxkhCopy to clipboard
• 7X5ozt4D...1KqyHHJ5Copy to clipboard - 51sLPBhJ...6xp45gqwCopy to clipboard
• C2Li4Nbe...oXAiS4NtCopy to clipboard - 5FxZtisu...GMztg5YCCopy to clipboard
• 5AooVTWh...nskiSVe5Copy to clipboard - 4AZWMY8x...GLRSFgogCopy to clipboard
• 7NCrDNP7...TjcMBsdnCopy to clipboard - 42f1RVWE...rW5M5CLMCopy to clipboard
• 5wcY2EQj...JYnScHMrCopy to clipboard - 3d3ZQRpN...2ssHV5J1Copy to clipboard
• 6hvazayo...mipM8Rh3Copy to clipboard - 3yiSqQ2q...PW66udYXCopy to clipboard
• EV9SMi1y...viRstM7gCopy to clipboard - 4hi42T59...its2PQpdCopy to clipboard
• ASKCWfoD...8ALwv1oMCopy to clipboard - 4viXtJpU...6d89eCUsCopy to clipboard
• 4L8sxpDC...i2Man2EECopy to clipboard - 2sekjfig...sMPAi5pXCopy to clipboard
• BAreFySw...MNCpq86gCopy to clipboard - 2x4kjVMR...JUWHcZ8PCopy to clipboard
• 46eDxp4z...VRUDdYpTCopy to clipboard - 3u3CGFTZ...rmseZNgsCopy to clipboard
• 5o2uxYnM...YL7jhcTjCopy to clipboard - 2wY3emjY...XfgED5XYCopy to clipboard
• 9Fc6WkWY...KQTDjLLzCopy to clipboard - 5PLhPFS9...HAsyP4EzCopy to clipboard
• EKWNiZiP...DtsRRVNYCopy to clipboard - 4Wdaerza...nsuevyAACopy to clipboard
• 2UveC9pa...jbBVBEQGCopy to clipboard - 4m2WxbNS...aWhRWYgFCopy to clipboard
• AccxacNJ...qw3q7jM2Copy to clipboard - 2aC85cBc...aoKNdR7VCopy to clipboard
• 4iVqFzqS...Jut69HEsCopy to clipboard - 36375ESu...gTe8pdmKCopy to clipboard
• 92zHm8Cr...FNM942rTCopy to clipboard - 4yfRK1nm...YuCTQ9FZCopy to clipboard
• FbU6H4K7...FsVyFuysCopy to clipboard - sr2Q6hVp...9soogYoFCopy to clipboard
• AnfbwRqt...GZzVjaUaCopy to clipboard - 2EH62ayF...9ehQGkkxCopy to clipboard
• 9CRgi1Ne...fkqMqz3XCopy to clipboard - 5uLKjkiC...Pr187ArACopy to clipboard
• F6M47cro...2BjL4sT4Copy to clipboard - GnQccnkZ...prcDwbVSCopy to clipboard
• JDqqy8A7...huRajfVNCopy to clipboard - 5xyZCtbG...2id8VETzCopy to clipboard
• EpaLp9sx...PB6d88gbCopy to clipboard - eYicEepS...tooXobR6Copy to clipboard
• Dv2YKBvn...pt5eyV9WCopy to clipboard - 4WjCTw3v...PYy5Jx3rCopy to clipboard
• DowwGGAF...uf7wdq8rCopy to clipboard - 2MohtUus...qmjwRq9RCopy to clipboard
• 9PcPoujp...C4t1YPH9Copy to clipboard - 3jD6qwkC...1bGRazLpCopy to clipboard
• BwKVwu44...EWzrEztjCopy to clipboard - 5Ci6K7Aj...SovcEFyBCopy to clipboard
• BZ6du8H6...ub3Zz5ZPCopy to clipboard - 2GbbMTe1...z1mkRXQbCopy to clipboard
• 46dF1AFR...uX1XkFPxCopy to clipboard - 5NRdygtf...huihSRGyCopy to clipboard
• BSDymrF8...AB4fhsbWCopy to clipboard - 4kWexuGV...TGhbz2TrCopy to clipboard
• EpaRqgQu...E7zuRKsoCopy to clipboard - 3QJJe49x...CG1MMx43Copy to clipboard
• 422vPCut...m2iifZJqCopy to clipboard - 5yKhaTCv...eqySbPGhCopy to clipboard
• FW3eo4QL...7N29QAynCopy to clipboard - 5pqvJfiY...rncrxMJFCopy to clipboard
• 53RoRSdM...6NxVXxKsCopy to clipboard - ob8pF6hn...6oTFALNPCopy to clipboard
• 5PBJ2dhV...SJrGPSPMCopy to clipboard - 2fHoMzWK...FEVHczSXCopy to clipboard
• GUYDBYTy...wzzQdtwqCopy to clipboard - NTfaXkbk...8CrkR3iZCopy to clipboard
• CJT9yiQo...m5qjrmJyCopy to clipboard - 3UsXxJu7...MSacUmjHCopy to clipboard
• 8tX1g3Vv...KVj5y9s3Copy to clipboard - 2aWosUae...w75M9tQnCopy to clipboard
• 8Gvd2syb...LRshzJuzCopy to clipboard - 36nAYtdf...Q48SoTTQCopy to clipboard
• 6DngnAuh...TR1U6jsGCopy to clipboard - 5eQ6UWgr...c6L9g33PCopy to clipboard
• C7h9kSxr...uAc1nAczCopy to clipboard - 51A8ku7b...1uhHhgZACopy to clipboard
• 5bxsWaaC...779fgVgzCopy to clipboard - 38xbWRSt...fccQqdnvCopy to clipboard
• 2EsjUJ7f...o23Y6GUNCopy to clipboard - 26Ec8Bgk...K59SSvvaCopy to clipboard
• 97Ca9qzk...ngcybpcJCopy to clipboard - 2qkeNJB3...gCTik4yZCopy to clipboard
• 4dK6oKEG...7aVjqJKWCopy to clipboard - 3XuHMJ6x...PpXQNzWvCopy to clipboard
• AKReNA1Z...d2GcdjTMCopy to clipboard - 3MjeFBzk...j5BJAMRFCopy to clipboard
• JyyQVVPA...B3wixnqoCopy to clipboard - 29LEjuJ7...XuMakcyYCopy to clipboard
• A8W7gGYr...DTwckiXACopy to clipboard - 5eQd4QbW...UwgcAupRCopy to clipboard
• EdLnayeL...saKKgwKrCopy to clipboard - 4dHvQo6p...PuqWQRFLCopy to clipboard
• 4bZFRJNX...vqgoSCxCCopy to clipboard - 2sFYD6tq...jhj36KZSCopy to clipboard

Fund Consolidation & Profit Extraction

After successfully pumping the token price, the scammers began consolidating funds back to a central wallet:

1. SOL was transferred from the 50 aforementioned wallets to 918ocfjq...Bv1eCmCkCopy to clipboard.
2. Approximately 294 SOL was sent to the original funding wallet J93JjPnQ...Hf5ufxmDCopy to clipboard with transaction hash 4wSNTAxa...ccyoa9MXCopy to clipboard.
3. An additional 320 SOL was transferred over two separate transactions to the same funding wallet:
   • 4g9eTd42...kJRVTkBgCopy to clipboard
   • 4ujRB86x...jNBLF2uxCopy to clipboard
4. Finally, approximately $20,000 USD worth of funds were sent to a MEXC exchange deposit address with transaction hash 3yhA4vno...Rczub8hKCopy to clipboard.

The total profit from this operation was approximately $700,000.

On-Chain Evidence

All transactions in this scam have been documented on-chain. Key transaction hashes include:

• Initial token creation: 5UCBSqh2...H6YiaZdACopy to clipboard
• Creator funding: Us19cAA1...dRPmhevKCopy to clipboard
• Funding of J93JjPnQ...Hf5ufxmDCopy to clipboard: 44KWmPNJ...iZULW7vJCopy to clipboard
• Insider purchase: 37PFe9NC...7KpT2Bz8Copy to clipboard
• Profit extraction (294 SOL transfer): 4wSNTAxa...ccyoa9MXCopy to clipboard
• Profit extraction (270 SOL transfer 1): 4g9eTd42...kJRVTkBgCopy to clipboard
• Profit extraction (50 SOL transfer 2): 4ujRB86x...jNBLF2uxCopy to clipboard
• Profit extraction (MEXC deposit): 3yhA4vno...Rczub8hKCopy to clipboard

Red Flags & Warning Signs

This scam exhibited several warning signs typical of pump and dump schemes:

1. Anonymous team/creator wallets: No doxxed team members or verified identities
2. Sudden price increase: Dramatic price movements without fundamental backing
3. Large distribution of holdings: Multiple wallets holding smaller amounts
4. Coordinated social media push: Timed announcements after insider positions were established
5. Connection to previous scams: Main funding wallet linked to other pump and dump schemes

Protecting Yourself From Similar Scams

To avoid falling victim to similar scams:

• Research token creators: Look for teams with verified identities and track records
• Check wallet interactions: Use blockchain explorers to analyze token creator and major holder wallets
• Beware of sudden hype: Be extremely cautious of tokens experiencing sudden social media promotion
• Analyze token distribution: A healthy token should have a reasonable number of holders and fair distribution
• Check exchange listings: Be wary of tokens only available on decentralized exchanges with limited liquidity

Conclusion

This investigation demonstrates the sophisticated methods used by scammers to execute pump and dump schemes on Solana. By carefully orchestrating token creation, insider purchases, token distribution across 50 different wallets, and timed social media promotion, the perpetrators were able to extract approximately $700,000 in profit from unsuspecting investors. The involvement of a wallet with a history of participation in other pump and dump schemes further underscores the organized nature of these malicious activities.

At DoxxedDevs, we're committed to exposing these schemes and educating the community about on-chain security. Always perform thorough due diligence before investing in any cryptocurrency token, especially those with limited history and anonymous teams.