On January 5th, GoPlus posted on social media that an account named "ShittymikeSol," claiming to be the developer of the $PNUT project, had been boasting about making $18 million from $1,000 in a month and promising to help users "replicate the success" through live streaming. However, investigations revealed that the cryptocurrency's price movement exhibited typical "rug pull" characteristics, and that a systematic network of addresses was being used to exploit retail investors.
On December 29, 2025, ShittymikeSol posted an article claiming "First real Alpha trading after a year's break," stating that investing $500 in $HNUT resulted in a $200,000 increase within a day, with a profit of $700,000 from closing the position at the peak the following day. The tweet also encouraged users to copy the trade and join its Telegram community. However, the community quickly reported that the price of $HNUT plummeted by 99.99%, suggesting the project team might have absconded with the funds.
GoPlus's on-chain analysis of the project address $HNUT revealed no obvious profit, but by tracing early large transactions and suspected "insider trading" addresses, the fund flow ultimately pointed to a wallet (9B1fR…WZb4) publicly disclosed by ShittymikeSol in August. Further investigation revealed that this network had consolidated funds to a unified address (2hnAT…GUjf) over the past eight days, totaling a staggering $3.7 million. Notably, even the remaining funds from the project address $HNUT flowed to this consolidation address.
Further investigation revealed that the aforementioned linked addresses used the same methods to create and manipulate dozens of MEME coins, including $SHEKER, $Gonk, $MADURO, $FAFO, $Trump, $DIM, $TRUMP2, $BANGER, $Lily, $ROY, $horge, $WhiteShark, $TRUMP, $bork, $bonkdog, and $BITPEPE. These coins all experienced "precipitous drops" or "Super Mario-style plunges" (a 99% drop in a short period), and all remaining funds from the project teams and suspected insider trading profits ultimately flowed to the same aggregation address (2hnAT…GUjf).
GoPlus investors should be wary of promises of high returns and carefully verify the true motives behind so-called "KOL-led trading".
