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Pump.fun Exploit Identified
Pump.fun, a Solana-based token launchpad, identifies the recent exploit’s attacker and takes necessary actions to address the losses.
Introduction
Pump.fun, known for enabling users to mint tokens with minimal fees, encountered an exploit on May 16. The platform revealed that the attack was executed by a former employee who misused admin privileges to cause a $1.9M loss.
Main Points
The exploit, occurring at 15.17 UTC the previous day, led to a significant loss for Pump.fun, with bond curves reaching 100% for most coins. The ex-employee used flash loans to manipulate the bonding curves, resulting in a loss of 12,300 SOL (approximately $2M).
An account named ‘Staac’ claimed responsibility for the attack, criticizing Pump.fun’s leadership. Pump.fun is compensating Liquidity Protocols for losses, offering zero trading fees for a week, and seeding LPs for affected coins.
Conclusion
Pump.fun’s response to the exploit showcases their commitment to addressing the incident and protecting user funds. Despite the setback, the platform aims to restore trading activities swiftly and ensure enhanced security measures moving forward.
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