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Meme Coin Factories: Uncovering Large-Scale Manipulations on pump.fun
Large-scale pump.fun study of 15 million meme coins identifies five manipulation classes including wash trading and a Market-Manipulation-as-a-Service ecosystem.
Researchers analyzed all 15 million coins launched on pump.fun over the last two years plus large random samples of transaction data, identifying five manipulation classes: wash trading, creator address obfuscation, coordinated sells, copycat coins, and social media manipulation. Strategic actors bypass the platform interface and implement strategies in a highly automated, low-latency way by interacting directly with the blockchain. The study also uncovers Market-Manipulation-as-a-Service (MMaaS) third-party tools that let non-technical users run these manipulations, and proposes mitigations for traders, pump.fun, and regulators.
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The Year in Web Threats: Web Skimmers Take Advantage of Cloud Hosting and More
Unit 42 analyzed 2.24 million web threat incidents, finding web skimmers increasingly hosted on cloud infrastructure to steal payment card data.
Palo Alto Unit 42 analyzed 2,241,354 web threat incidents and 831,550 unique URLs detected via Advanced URL Filtering between October 2020 and September 2021. Threat activity peaked from October 2020 to January 2021, coinciding with the holiday shopping season, with most malicious domains geolocated to the United States, Russia, and Germany. Web skimmers ranked third among the top five threat classes and showed the most code diversity, making detection harder. Researchers observed more web skimmer families being hosted on cloud platforms to steal payment data and PII.
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Risky Bulletin: Academics find source code overlaps between Geedge and China's Great Firewall
Academics linked Chinese vendor Geedge Networks' Tiangou Secure Gateway source code to one of the Great Firewall's three traffic filtering capabilities.
US researchers presenting at USENIX Security reconstructed Geedge Networks' Tiangou Secure Gateway firmware from over 100,000 leaked files, including Git repositories with commit history, and matched its filtering behavior to sections of China's Great Firewall. They found only 1 of 3 characterized DNS injectors matched Geedge code, noted the system relies on memory-unsafe C components and copied third-party code, and said its bugs could aid future circumvention tools. Geedge also exports censorship tools to Kazakhstan, Ethiopia, Pakistan, and Myanmar. The newsletter additionally rounds up multiple breaches.
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