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Pump.fun Exploited by Former Employee, $1.9M Drained, Trading Paused

May 16, 2024, 06:14 PM

Pump.fun, a Solana-based memecoin platform, was exploited by a former employee who used flash loans to drain approximately $1.9 million worth of Solana. The attacker, who had access to an admin key, managed to exploit the bonding curves of the platform. Initially, reports suggested the exploit could be as large as $80 million, but this was later clarified. The attacker has been distributing the stolen funds in a 'Robin Hood' airdrop to various Solana communities. In response, Pump.fun paused trading, upgraded its smart contracts to prevent further exploits, redeployed the contract, and assured users that their assets are safe. The platform has also announced that fees will be 0% for the next 7 days to compensate affected users.