Read

<p class="is-style-lead">Ex-employee behind the $2 million pump.fun exploit demands $100,000 payouts to each contributor, excluding founders, while threatening to burn the stolen funds.</p> 
<p>An attacker behind pump.fun, a <a href="https://crypto.news/tag/solana/" target="_blank" rel="">Solana</a>-based launchpad for <a href="https://crypto.news/tag/memecoin/" target="_blank" rel="">memecoins</a> which lost nearly $2 million after a former employee gained admin privileges, is threatening to burn the stolen funds if the project’s management team fails to distribute $100,000 to contributors.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/STACCoverflow/status/1791322518592074092 
 </div>
</figure> 
<p>In <a href="https://x.com/STACCoverflow/status/1791322518592074092" target="_blank" rel="">an X post</a> on May 17, the exploiter known as “Stacc” stated their willingness to burn the stolen tokens if the pump.fun team doesn’t release $100,000 “to each and every non-founder that has contributed to pump at any point.”</p> 
<p> You might also like: <a href="https://crypto.news/pump-fun-meme-coin-centric-platform/" rel=""> Pump.fun finds revenue behind meme coin-centric platform launch </a> </p> 
<p>Though the identities of those who contributed to the project remain undisclosed, Stacc asserts that at least seven individuals are entitled to these payments. However, Stacc provided no specifics regarding the distribution process or deadlines for the payouts. As of press time, the pump.fun team had not issued any public statements regarding the matter.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://t.co/uE2QNKXkIT" target="_blank" rel="">https://t.co/uE2QNKXkIT</a> coin migration issue post-mortem<br><br>TL;DR:<br><br>1. the <a href="https://t.co/uE2QNKXkIT" target="_blank" rel="">https://t.co/uE2QNKXkIT</a> contracts are safe. they have always been safe<br>2. a former employee used their privileged position at the company to misappropriate ~12.3K SOL (~$1.9m)<br>3. <a href="https://t.co/uE2QNKXkIT" target="_blank" rel="">https://t.co/uE2QNKXkIT</a> is…</p>— pump.fun (@pumpdotfun) <a href="https://twitter.com/pumpdotfun/status/1791235050643636303?ref_src=twsrc%5Etfw" target="_blank" rel="">May 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to a <a href="https://x.com/pumpdotfun/status/1791235050643636303" target="_blank" rel="">post-mortem analysis</a> by pump.fun, a former employee, whose identity remains undisclosed, leveraged their “privileged position” within the company to misappropriate over 12,000 SOL tokens, valued at approximately $2 million, through a series of manipulations with the project’s smart contracts. The pump.fun team has committed to reimbursing affected users, waiving trading fees for the next seven days.</p> 
<p>As crypto.news previously <a href="https://crypto.news/potential-exploit-detected-at-pump-fun-platform/" rel="">reported</a>, Stacc acknowledged involvement in the incident via social media, citing personal grievances, including the loss of their mother, and “horrible bosses” as factors motivating the exploit. Experts express concerns over the potential repercussions of this exploit on the meme coin ecosystem within Solana, particularly given pump.fun’s <a href="https://crypto.news/pump-fun-meme-coin-centric-platform/" target="_blank" rel="">significant presence</a> in this market.</p> 
<p> Read more: <a href="https://crypto.news/fantasy-top-and-pump-fun-among-top-10-crypto-protocols-for-fees/" rel=""> Fantasy.top and Pump.fun among top 10 crypto protocols for fees </a> </p> 
<ol start="3"> 
 <li></li> 
</ol>

Pump.fun exploiter slams ‘horrible bosses,’ demands $100k payouts for non-founders

crypto.news

Other articles published on May 17, 2024

MetaLend Introduces Cross-Chain Crypto Trading on Ronin Network (17 May)

Roaring Kitty Price Prediction: KITTY Slumps 40% As GameStop Rally Fizzles Out And Dogeverse Offe...

Hong Kong to Enable Use of Digital Yuan in Local Shops

Best Crypto to Buy Now May 17 – Avalanche, Cardano, Sui

Coinbase Shares Plunge Almost 10% On FT Report That CME Plans To Offer Spot Bitcoin Trading

Cardano Whales Accumulate ADA Tokens

Join our free newsletter for daily crypto updates!