The post Lightspeed Newsletter: The Pump.fun exploit draws yawns and jeers appeared on BitcoinEthereumNews.com.

Howdy! Happy Friday, folks. New York seems to be holding its collective breath today as the Knicks are about to play the Pacers for a trip to the conference finals.  Solana seems less nervous today, since the memecoins are already back online after yesterday’s shenanigans. Let’s get into it, shall we? — Jack Kubinec The Pump.fun exploit makes no sense  Solana’s highest-grossing protocol by revenue was exploited for millions of dollars-worth yesterday, but no one seems particularly upset. Pump.fun, the Solana memecoin app, lost nearly $2 million after a rogue employee with admin privileges used their access to the project’s withdrawal authority and a number of flash loans to buy up tokens. The employee then siphoned out the liquidity held in its bonding curve contracts, Pump.fun detailed in a postmortem Thursday evening.  Usually, platforms being exploited creates pretty bad PR — both for the project, and in some cases, its underlying blockchain.  That doesn’t seem to have been the case so far. Pump.fun redeployed its contracts and resumed trading the same day it was exploited, and DeFiLlama data shows the platform’s revenue was higher Thursday — the day of the exploit — than the day before.  Pump.fun has been a big driver of Solana activity overall. The platform has been the highest-revenue protocol not named Ethereum over the past 30 days, hauling in $3 million more than DeFi heavyweight Uniswap Labs, according to DeFiLlama. The app said on X that it was “working with some of the most esteemed security folks in the space,” but it didn’t say which esteemed security folks, and a representative for Pump.fun  declined to comment. The project’s code is still closed-source. Solana investors also responded with a collective shrug to the exploit of Pump.fun. Solana traded mostly sideways throughout the day Thursday before climbing to…

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Filed under: News - @ May 18, 2024 1:10 am