Insider Attack Drains $2 Million from Solana’s Pump.fun Meme Coin Platform
Friday, 17 May 2024, 02:14
Insider Attack Drains $2 Million from Solana’s Pump.fun Meme Coin Platform
On May 16, pump.fun was exploited in the Solana ecosystem resulting in a $2 million loss due to an insider exploit.
Innovative Exploitation Using Flash Loans
- The attacker manipulated the platform to purchase tokens using flash loans from Margin.fi, causing shockwaves in the crypto community.
- The bonding curve was pushed to its limit, preventing token listing on Raydium DEX.
The breach forced pump.fun to upgrade contracts, pause trading, and assure users of the safety of their assets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.