Solana Update: Coinbase Enhances Token Recovery as Pump.Fun Exploit Raises Concerns

Coinbase has introduced a new tool to recover lost Solana SPL tokens, while a report highlights widespread manipulation of Solana memecoins via Pump.Fun sniper wallets. Here’s a breakdown of the latest developments impacting the Solana ecosystem.

Coinbase Launches Asset Recovery Tool for Lost Solana Tokens

Coinbase has expanded its self-service asset recovery tool to include lost SPL tokens on the Solana network. Users can reclaim unsupported tokens mistakenly sent to their addresses without submitting a support ticket. Not all SPL tokens are eligible, and recovered assets have not undergone the exchange’s full listing review.

15,000+ Solana Memecoins Manipulated by Pump.Fun Sniper Wallets

A Pine Analytics report claims that over 15,000 Solana memecoins have been manipulated through the use of automated wallets that purchase tokens the moment they go live and sell them within minutes for profit. The report alleges that token deployers themselves are creating fake demand to bait retail investors by executing precise buy-sell loops seconds after launch, triggering FOMO among retail traders.

Class-Action Lawsuit Targets Meteora and Kelsier Execs Over $69m M3M3 Token Crash

Meteora, a Solana-based decentralized exchange, is facing a class-action lawsuit accusing affiliated parties of orchestrating a fraudulent launch of the M3M3 token, resulting in alleged investor losses. The complaint alleges insiders secured 95% of the token supply and manipulated its price to cash out at a premium, locking out retail investors.

Upexi Unveils $100M SOL Reserve, Stock Soars 335%

Upexi, a Nasdaq-listed consumer goods firm, announced it raised $100 million to create a Solana (SOL)-backed corporate treasury. The stock price skyrocketed by 335% following the announcement. While $5.3 million will support regular business activities and reduce debt, the rest will fuel the company’s crypto expansion. This move showcases a strong belief in Solana’s long-term potential and highlights a growing trend of companies treating cryptocurrency like corporate gold.