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H4jzND

6 months ago

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PUMPD.FUN (ticker: PUMPD): "THE DAY PUMP.FUN GOT PUMPD" - The "pump.fun hack" refers to a significant security breach that occurred on May 16, 2024, targeting the Solana-based memecoin launchpad, Pump.fun. The platform facilitates quick and cost-effective token launches and has been a popular venue for memecoins. The exploit resulted in the theft of approximately $1.9 million (12,300 SOL). The attacker, identified as a former employee of Pump.fun, used their privileged position to access a withdrawal authority. This allowed them to exploit the platform's bonding curves using flash loans from Solana's Raydium protocol. Flash loans are instantaneous loans that must be repaid within a single transaction block, and in this case, they were used to manipulate token prices and withdraw liquidity (Cointelegraph) (BSC News) (Crypto Daily) (The Defiant) . The incident was traced back to a compromised private key, which enabled the exploiter to cosign all transactions. The individual behind the attack, known on social media as "STACCoverflow" (real name Jarett Reginald S Dunn), admitted to the exploit in a series of cryptic posts, mentioning plans to distribute the stolen funds to various Solana token holders (BSC News) (Crypto Daily) . In response, Pump.fun halted trading, updated their smart contracts to prevent further damage, and assured users that all affected liquidity would be replenished. The platform collaborated with law enforcement to investigate the breach and aimed to resume safe trading as soon as possible (Cointelegraph) (The Defiant) .