The post Pump.fun Attacker Was Arrested By UK Law Enforcement And Is Now Out On Bail appeared on BitcoinEthereumNews.com.

Key Points: London authorities detain pump.fun attacker, possibly identified as Jarett Reginald Dunn. Exploit on pump.fun platform compromises $1.9 million worth of SOL coins through redirected funds and flashloan manipulation. pump.fun relaunches with $45 million in affected liquidity, offering 0% trading fees for 7 days to rebuild confidence. British law enforcement in London detained an individual suspected to be behind the pump.fun attack, revealed in a post by user @therollupco on X. Pump.fun Attacker Was Arrested In London The alleged pump.fun attacker, known as @STACCoverflow, was later released on bail and could potentially be identified as Jarett Reginald Dunn. The attack targeted pump.fun, a popular platform for launching meme coins on Solana, resulting in the compromise of the protocol and the theft of approximately $1.9 million worth of SOL coins. Exploiting bonding curve contracts, the pump.fun attacker redirected funds intended for the Solana decentralized exchange Raydium to unrelated wallet addresses, according to insights from on-chain analysts. Igor Igamberdiev, head of research at Wintermute, assessed the situation, indicating a possible compromise of a key, although the prospect of insider involvement remains under scrutiny. The exploit utilized flashloans, borrowed and repaid within a single blockchain block, facilitated by MarginFi’s services. Pump.fun Rebuilds Trust After Crypto Crisis Notably, a former pump.fun employee claimed responsibility on X shortly after the attack, boasting about their actions and acknowledging the risk of imprisonment. Following the incident, pump.fun has relaunched, with the affected liquidity totaling around $45 million. The team has reintroduced the contract, resumed trading, and announced a 0% trading fee for the next seven days. Despite the setback, pump.fun is striving to restore trust and stability to its platform. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before…

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Filed under: News - @ May 19, 2024 4:04 am