Pump.fun Exploited via Flash Loans, $80M in Losses Reported

May 16, 2024, 04:32 PM

Pump.fun, a cryptocurrency platform, has been exploited by a malicious actor using flash loans. The attacker has bought up all the Pump.fun tokens, causing the platform to break and preventing users from exiting their positions. The exploit has reportedly resulted in approximately $80 million in losses. The attacker completed all Pump.fun token's bonding curves, leading to a supply shock for memecoins. Marginfi, another platform, has been implicated in the exploit but continues to operate normally. Users are advised not to trade Pump.fun tokens until further notice.