EddieJayonCrypto

 16 May 24

tl;dr

Pump.fun, a popular tool for launching meme coins on Solana, was exploited, leading to the compromise of the protocol and a temporary shutdown. The attacker targeted accounts related to moving token liquidity onto the Solana decentralized exchange, siphoning off at least $2 million worth of SOL. The...

Pump.fun, a popular tool for launching meme coins on Solana, suffered an exploit, leading to the theft of at least $2 million worth of SOL, with the attacker immediately airdropping the stolen funds to random wallet addresses. A former Pump.fun employee claimed responsibility for the attack, expressing erratic behavior and posting extensively on Twitter, while the company announced a pause in trading and cooperation with law enforcement. The self-proclaimed attacker, a Canadian, cited personal grievances and a desire to "kill Pump.fun" as motivations for the theft, criticizing the company's management and its impact on the crypto community.


Pump.fun, a popular tool for launching meme coins on Solana, was exploited, leading to the compromise of the protocol and a temporary shutdown. The attacker targeted accounts related to moving token liquidity onto the Solana decentralized exchange, siphoning off at least $2 million worth of SOL. The attacker then airdropped the stolen funds to random wallet addresses. A former Pump.fun employee claimed responsibility on Twitter, expressing erratic behavior and distributing the stolen funds. Pump.fun paused trading, upgraded contracts, and announced cooperation with law enforcement. The self-proclaimed attacker cited personal grievances and a desire to undermine Pump.fun as motives. While the company has faced criticism for speculative trading, the attacker claimed to have accelerated its downfall. He acknowledged the likelihood of imprisonment for his actions.


Pump.fun, the popular tool for launching meme coins on Solana, suffered an exploit on Thursday that left the protocol compromised and prompted its leadership to temporarily shut the site down. All the while, the apparent attacker behind the stunt gloated about it online. The attack appeared to target accounts, called bonding curve contracts, that move the liquidity of tokens of a sufficient size created on Pump.fun, onto the Solana decentralized exchange (DEX) Raydium. Some on-chain sleuths deduced that with the aid of a private key—one only an employee of Pump.fun would have access to—the attacker diverted funds earmarked for Raydium to unrelated wallet addresses. Igor Igamberdiev, head of research at crypto market maker Wintermute, estimated that the attacker siloed off at least $2 million worth of SOL using this exploit.


In a twist, however, the attacker immediately began airdropping the stolen funds to random wallet addresses. He appears to have selected holders of a handful of Solana tokens and NFTs as the non-consenting recipients of the Pump.fun loot.


Within minutes of the attack, a Twitter account belonging to a former Pump.fun employee claimed responsibility for it. The user began posting extensively and somewhat erratically, writing that he was not afraid of imprisonment and was aware his identity was doxxed. The account then began retweeting posts from thankful crypto users claiming to have received portions of the stolen funds from the attacker’s airdrops. Decrypt reached out to the self-proclaimed attacker for more information about the exploit and his potential motivations for committing it. "The threads are there, dig deeper," was his only response.


A few hours after the attack, Pump.fun announced that it had paused trading on the protocol and was investigating the issue. The company said it intended to cooperate with law enforcement; the self-proclaimed attacker is Canadian.


On a Twitter Spaces on Thursday afternoon, the self-proclaimed Pump.fun attacker said he had worked for Pump.fun for a few weeks, that he felt the company was “horribly managed,” and that he had “personal grievances” against the company’s leadership. Asked why he committed the theft, he was extraordinarily blunt. “I just kind of wanted to kill Pump.fun because it’s something to do,” he said.


While Pump.fun has seen huge amounts of trading volume in the last few months as meme coin frenzy has overtaken crypto, it has also attracted criticism for fanning the flames of crypto’s more gambling-focused, purely speculative underbelly. The self-proclaimed Pump.fun attacker said on Thursday—without providing any supporting details—that he observed the company to be on a downward path that he helped accelerate.


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Industry: Manufacturing, Semiconductors & Related Devices

Market Cap: 110.73 million

Dividend Yield: None

EPS: -0.16

PE Ratio: 1.852

ROE: -0.0891

Volume: 104.67 million

50-Day Moving Average: 5.5

200-Day Moving Average: 3.42

RSI (14): 1.128

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