Solana has experienced rapid growth due to its high performance and low transaction costs, but the extremely low barrier to token issuance has also led to widespread Rug Pulls. Unlike Ethereum-based Rug Pulls that rely on malicious smart contracts, the unified SPL Token program on Solana shifts fraudulent behaviors toward on-chain operations such as market manipulation. However, existing research has not yet conducted a systematic analysis of these specific Rug Pull patterns on Solana. In this paper, we present a comprehensive empirical study of Rug Pulls on Solana. Based on 68 real-world incident reports, we construct and release a manually labeled dataset containing 117 confirmed Rug Pull tokens and characterize the workflow of Rug Pulls on Solana. Building on this analysis, we propose SolRugDetector, a detection system that identifies fraudulent tokens solely using on-chain transaction and state data. Experimental results show that SolRugDetector outperforms existing tools on the labeled dataset. We further conduct a large-scale measurement on 100,063 tokens newly issued in the first half of 2025 and identify 76,469 Rug Pull tokens. After validating the in-the-wild detection results, we release this dataset and analyze the Rug Pull ecosystem on Solana. Our analysis reveals that Rug Pulls on Solana exhibit extremely short lifecycles, strong price-driven dynamics, severe economic losses, and highly organized group behaviors. These findings provide insights into the Solana Rug Pull landscape and support the development of effective on-chain defense mechanisms.

翻译：Solana凭借其高性能和低交易成本实现了快速增长，但极低的代币发行门槛也导致了Rug Pull的泛滥。与依赖恶意智能合约的以太坊型Rug Pull不同，Solana统一的SPL Token程序使欺诈行为转向市场操纵等链上操作。然而，现有研究尚未对Solana上这些特定的Rug Pull模式进行系统性分析。本文对Solana上的Rug Pull进行了全面的实证研究。基于68份真实事件报告，我们构建并发布了一个包含117个已确认Rug Pull代币的人工标注数据集，并刻画了Solana上Rug Pull的工作流程。在此分析基础上，我们提出SolRugDetector，一个仅使用链上交易和状态数据即可识别欺诈代币的检测系统。实验结果表明，SolRugDetector在标注数据集上优于现有工具。我们进一步对2025年上半年新发行的100,063个代币进行了大规模测量，并识别出76,469个Rug Pull代币。在验证了野外检测结果后，我们发布了该数据集，并分析了Solana上的Rug Pull生态系统。分析揭示，Solana上的Rug Pull呈现出极短的生命周期、强烈的价格驱动动态、严重的经济损失以及高度有组织的群体行为。这些发现为理解Solana Rug Pull格局提供了洞见，并支持开发有效的链上防御机制。