Blockchain analytics firm Bubblemaps alleges that wallets linked to influencer Ethan bought 49 tokens before he promoted them on Pump.fun and sold afterward. It estimates the activity earned about $125,000. The wallet links have not been independently verified.
Bubblemaps accused crypto influencer Ethan (@0xEthan) of earning approximately $125,000 through 49 token promotions on Pump.fun. The firm claims wallets connected to him bought tokens before his recommendations and sold them shortly afterward.
The allegations come from an October 9 thread on X. The findings rest on blockchain transaction analysis, and the ownership of the identified wallets has not been independently established.
Suspected wallets reportedly sold within three minutes
According to Bubblemaps, Ethan regularly published token recommendations, known as callouts, to approximately 88,000 followers on the platform. The firm examined 49 promotions and identified a group of wallets that appeared to trade in a similar pattern around each one.
Bubblemaps reported that the addresses started selling an average of three minutes after the first public callout. In one recurring pattern, a wallet publicly associated with Ethan bought a token, then three other addresses bought during the same second. Ethan allegedly published his recommendation after those purchases.
Bubblemaps summarized its accusation this way: "buy → callout → sell from side wallets." The firm's interpretation of the transaction records is not an independently established finding that Ethan operated a coordinated trading scheme.
Estimate splits into trading profits and rewards
Bubblemaps put the combined earnings at approximately $125,000. Around $45,000 allegedly came from trading profits, and another $80,000 was attributed to rewards tied to his token recommendations.
Pump.fun runs a Callout Rewards Program, and its terms prohibit misleading promotions and coordinated trading intended to manipulate prices. The platform can reduce, cancel or withhold rewards when it detects suspicious behavior.
The case follows earlier Bubblemaps investigations. In September 2025, the firm identified a cluster of approximately 100 wallets linked to disputed MYX Finance airdrop activity.
As of October 11, the reviewed sources identified no verified public statement from Ethan addressing the allegations, and no official enforcement action was confirmed.
Source: crypto.news
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