Bubblemaps alleges Solana trader Cupsey pulled $1.74 million through 30 linked wallets

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The onchain analytics firm says a network of side wallets sold into copy-trader demand and ties the trader to a serial token deployer

Mon 9 Nov 2026 · 12:06 EST · 4 min read

In Security

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Onchain sleuths at Bubblemaps have turned their magnifying glass on one of Solana’s better-known memecoin traders. The firm alleges that the trader known as Cupsey, who posts as @Cupseyy, extracted about $1.74 million using a cluster of roughly 30 connected wallets.

The findings also link Cupsey to a token deployer, a wallet that creates new coins. For a corner of crypto where people copy other people’s trades by the second, that is a serious allegation.

How the alleged scheme worked

Bubblemaps describes the setup as a side-wallet extraction operation. According to the firm, the sequence ran in four steps. First, operational wallets bought into tokens early. Second, those tokens were spread out to a set of side wallets. Third, Cupsey’s public wallet, the one followers track, served as the visible signal that drew in copy traders. Fourth, as that wave of copycat buying arrived, the side wallets allegedly sold into it. Put plainly, the public wallet created the demand and the hidden wallets cashed out on it.

The scale is not small. Bubblemaps says the roughly 30 linked wallets have traded more than 27,000 tokens since May 7.

The firm says it connected the wallets through recurring transfer patterns between them. That is the bread and butter of Bubblemaps’ work, which maps wallet relationships into visual clusters so connections that look unrelated on a block explorer become obvious.

The deployer connection

The second thread in the investigation may matter more than the first. Bubblemaps tied Cupsey to a serial deployer, identified by an address beginning with 3z4vj.

That deployer reportedly made $1.3 million by launching tokens and then rug-pulling them. A rug pull is when the people behind a token drain its liquidity or dump their holdings, leaving buyers holding something close to worthless.

Separately, Cupsey reportedly collected $331,000 in rewards tied to callouts. That figure sits on top of the alleged earnings from the side-wallet operation.

There is also a token carrying his name. $CUPSEY, which is associated with the pump.fun theme, had a market cap close to $3.7 million in the most recent assessments cited in the research.

None of this has been proven in any court or formal proceeding. These are allegations from an analytics firm based on its reading of public blockchain data, and they should be weighed as such.

Why copy trading makes this possible

Many retail traders do not research tokens themselves. Instead, they follow wallets belonging to traders with strong track records. When a known wallet buys, tools and bots alert followers, and some of them buy automatically within seconds. That creates a predictable flood of buy orders behind any well-followed wallet.

Anyone who knows that flood of buying is coming, and who already holds the asset, can sell into it. That is the core of what Bubblemaps alleges happened here, run across tens of thousands of trades.

Bubblemaps has built its reputation on exactly this kind of work. The platform supports onchain investigations across several blockchains, Solana among them, and runs an Intel Desk focused on analytics. Its cluster maps have become a common reference point when traders try to figure out whether a token’s holder base is genuinely spread out or quietly controlled by a handful of related wallets.

What this means for memecoin traders

The most immediate fallout lands on copy traders. If the allegations hold up, people following Cupsey’s public wallet were not riding alongside a skilled trader so much as providing the exit for his other wallets. That reframes the whole value proposition of wallet tracking: a public wallet’s results can look excellent while a hidden network does the profitable selling, so a clean track record on one address tells you very little about what else that person controls.

The deployer link raises a separate question. A trader allegedly connected to a wallet that repeatedly launched and rugged tokens is a very different profile from one who simply front-runs his own followers. It suggests a possible pipeline: create the token, promote or trade it publicly, and exit through other addresses.

For holders of $CUPSEY, the $3.7 million market cap figure is worth watching. The other thing to watch is whether Cupsey responds with his own onchain evidence. Wallet analysis is persuasive, but it is still interpretation, and the connections Bubblemaps drew will either hold up under scrutiny or they will not.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.