Blockchain analytics firm Bubblemaps has accused cryptocurrency influencer Ethan (@0xEthan) of allegedly earning approximately $125,000 through 49 token promotions on Pump.fun, claiming that wallets connected to him bought tokens before his recommendations and sold them shortly afterward.
Summary
- Bubblemaps alleges influencer Ethan promoted 49 tokens while linked wallets bought beforehand and sold afterward.
- Researchers estimated $125,000 in related alleged earnings, including $45,000 trading profits and $80,000 promotional rewards.
- According to Bubblemaps, suspect wallets began selling three minutes after Ethan’s first callout, on average.
- Pump.fun rules prohibit misleading promotions, market manipulation, undisclosed compensation, and coordinated trading through multiple wallets.
- Wallet links remain unverified independently, and no confirmed enforcement action has emerged from these allegations.
Bubblemaps alleged in an October 9 thread on X that a group of suspected linked wallets repeatedly purchased tokens before Ethan promoted them to his followers. The firm estimated that the activity generated around $45,000 in trading profits and $80,000 in promotional rewards, with some wallets beginning to sell within three minutes of the initial recommendation. The findings remain allegations based on blockchain transaction analysis, and the ownership of the identified wallets has not been independently established.
The investigation followed information provided by an X user known as @bandosei, which prompted Bubblemaps to examine the influencer’s trading recommendations and the timing of transactions involving several addresses.
Bubblemaps questions Ethan’s trades across 49 tokens
The investigation centers on trading activity surrounding token recommendations published through Pump.fun, a Solana-based platform where users can create and trade cryptocurrencies.
According to Bubblemaps, Ethan regularly published token recommendations, known as callouts, to approximately 88,000 followers on the platform.
Researchers examined 49 token promotions and identified a group of wallets that appeared to trade in a similar pattern around the time those recommendations became public.
The analysis suggested that certain addresses accumulated tokens before Ethan’s posts, potentially placing them in a position to benefit if his followers subsequently purchased the same assets. After the recommendations appeared, the suspected wallets began selling their holdings, sometimes within minutes.
Bubblemaps reported that the addresses started selling an average of three minutes after the first public callout. The firm argued that the repeated sequence raised questions about whether the trading activity was coordinated with the influencer’s recommendations.
However, blockchain records alone do not establish that Ethan controlled every wallet identified in the investigation.
The research firm’s wallet ownership claims and calculations have not been independently verified through account records or other evidence establishing common control.
A separate report from TokenPost described the findings on October 10, confirming that Bubblemaps had attributed the suspected trading activity to wallets it believed were connected to the influencer.
Suspected wallets reportedly sold within three minutes
Bubblemaps provided a more detailed account of how the suspected trading activity occurred. In one recurring pattern described by researchers, a wallet publicly associated with Ethan purchased a token before three other addresses made purchases during the same second.
The firm identified the addresses using the shortened wallet references 6yVb4p, CLiXvf, GKMJwv and 1chdHB. After the purchases, Ethan allegedly published a recommendation through Pump.fun, making the token visible to followers monitoring his activity.
The suspected connected addresses then began selling. Researchers claimed that similar transaction sequences appeared across multiple recommendations examined during the investigation.
In some cases, Bubblemaps alleged that sales occurred while Ethan continued posting favorable comments about the same token. The company summarized its accusations as “buy → callout → sell from side wallets.”
The description represents Bubblemaps’ interpretation of the transaction records, not an independently established finding that the influencer operated a coordinated trading scheme.
A wallet buying before a public recommendation and selling afterward does not, by itself, prove concealed coordination or market manipulation.
Establishing control over the addresses would require additional evidence linking the wallets to the same operator. The available reporting did not identify a completed exchange investigation, regulatory complaint or court finding confirming Bubblemaps’ allegations.
Bubblemaps estimates $125,000 in trading gains and rewards
The analytics company calculated approximately $125,000 in combined earnings connected to the transactions and promotional activity. Its estimate separates the amount into two categories.
Around $45,000 allegedly came from trading profits generated through purchases and subsequent sales of promoted tokens. Another $80,000 was attributed to rewards connected to the influencer’s token recommendations.
The figures were reported by Bubblemaps and repeated by other outlets, including Foresight News, which reported the findings on October 10.
The estimates do not establish that Ethan personally received every dollar identified in the analysis. No independent transaction-by-transaction reconciliation has confirmed the full earnings calculation or the claimed ownership of the suspected addresses.
Pump.fun operates a Callout Rewards Program that allows eligible users to receive rewards for activity connected to their token recommendations.
Under the platform’s official terms, rewards may depend on engagement and trading activity associated with the promoted assets. Payments are discretionary and can be distributed in USDC. The platform does not guarantee rewards for every recommendation, and its operator can change the calculation methods or withhold distributions when suspicious behavior is detected.
The rules prohibit misleading promotions, coordinated trading intended to manipulate prices and attempts to inflate reward calculations through multiple accounts. Users must disclose relevant compensation and token holdings when required by applicable law.
Pump.fun states that publishing a callout does not mean the platform endorses the token or verifies the accuracy of the recommendation.
Pump.fun trading allegations renew concerns over memecoin promotions
The accusations involving Ethan concern activities that blockchain investigators have examined in previous memecoin trading cases.
In September 2025, Bubblemaps identified a cluster of approximately 100 wallets linked to disputed MYX Finance airdrop activity.
The research firm reported that the addresses had claimed nearly 9.8 million MYX tokens, worth approximately $170 million at the prices cited during its investigation.
The findings raised questions about whether the tokens had been distributed among independent users or concentrated through coordinated wallet activity.
A separate investigation involving the CWU memecoin examined trading linked to wallets that appeared to hold much of the token’s circulating supply.
Bubblemaps claimed in May 2026 that a suspected connected wallet cluster had sold approximately $600,000 in tokens while retaining control of around 85% of the supply.
The allegations involved on-chain ownership patterns and suspected coordinated selling, although wallet clustering did not independently prove every address belonged to the same person.
Pump.fun has separately introduced changes to its creator fee arrangements in response to complaints about token launches and reward distribution.
In March, the platform restricted how frequently token creators could change their fee recipient wallets following launch.
The change followed concerns about developers redirecting token trading fees after attracting initial interest from investors.
Under its Callout Rewards Terms, updated August 13, 2026, Pump.fun reserves the right to review reward distributions and exclude accounts suspected of manipulation, wash trading or coordinated activity.
The platform can reduce, cancel or withhold rewards after reviewing transaction patterns and account behavior. Its rules do not require operators to disclose the specific method used to rank participants or calculate individual reward allocations.
As of October 11, no verified public statement from Ethan directly addressing the October 9 Bubblemaps allegations was identified in the reviewed sources. No official enforcement action or completed platform investigation concerning the allegations was confirmed.
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