Onchain analytics platform Bubblemaps released an investigation on October 9, 2026, into @0xEthan, a crypto influencer active on pump.fun, alleging a pattern of buying tokens before publicly promoting them and selling almost immediately afterward.
Bubblemaps estimates the activity generated approximately $125,000 in total profits across 49 token callouts to the influencer's roughly 88,000 followers.
Investigation findings
According to Bubblemaps, wallets associated with @0xEthan purchased each of the 49 tokens shortly before they were publicly promoted. The platform found that selling typically began about three minutes after a promotion went live, often while the influencer was still discussing the tokens' potential to followers.
Bubblemaps characterized the pattern as an "extraction scheme" and described the activity as ongoing rather than concluded.
Profit breakdown
The $125,000 figure comprises two income sources, according to Bubblemaps' calculations:
- Approximately $45,000 from trading profits earned by buying tokens ahead of callouts and selling into the buying pressure that followed
- Approximately $80,000 attributed to callout rewards from the act of promoting tokens itself
The investigation began after a tip from a user identified as @bandosei. Media outlets covered the findings between October 9 and 11, 2026.
Front-running on transparent blockchains
The alleged behavior is known in crypto trading as front-running a callout. Platforms like pump.fun enable this pattern through rapid token launches and the ability of large accounts to move prices on thinly traded assets.
Bubblemaps' findings demonstrate how transparent blockchains create verifiable records of transactions. Every purchase and sale leaves a trail that specialized firms can analyze and connect to real accounts. For retail traders, the timing of purchases relative to wallet activity from linked accounts affects entry prices and profitability.
