According to CoinMeta, an on-chain analyst Wazz discovered a series of rug pull gangs on the chain. These gangs raised a total of 18.43 million US dollars through 53 token issuances over a period of two months. The funds from these projects were interconnected; at the time of their launch, more than 70% of the token supply was taken control of by these gangs, who then used operations involving 70 to 200 wallets to manage the funds. Most of these projects were issued through Pons V2. Some projects utilized fraudulent issuance methods to attract funds, with the Crumbs project being the highest offender, raising a total of 3.12 million US dollars.