Pump.fun Exploited in Flash Loan Attack, $80M Lost; Trading Paused

May 16, 2024, 04:52 PM

Pump.fun, a platform for launching memecoins, has been exploited through a flash loan attack. The attacker used flash loans to buy up all the tokens, filling the bonding curve and breaking the site. This exploit has reportedly resulted in an estimated $80 million loss. The attacker, allegedly @STACCoverflow, has compromised the bonding curve contracts, causing significant disruption. Marginfi, another platform, was also reportedly involved in the exploit, though it claims its operations are normal and funds are safe. Pump.fun has paused trading and assured users that previously connected wallets are safe. The exploit also affected the tokens' listing on Raydium, a Solana-based platform.