Insider Attack Drains $2 Million from Solana’s Pump.fun Meme Coin Platform

Friday, 17 May 2024, 02:14

A former employee exploited pump.fun platform on Solana, resulting in a $2 million loss through flash loans. The incident has created shockwaves in the crypto community, prompting pump.fun to upgrade security measures and reassure users of the protocol’s safety. The attacker, known as STACCOverflow, expressed intent to distribute the stolen funds to different communities.
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Insider Attack Drains $2 Million from Solana’s Pump.fun Meme Coin Platform

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.


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