Kingdom

United

Solana

Million

Time

<p><strong>Jarret Dunn, also known&nbsp;“STACCoverflow,” is now on bail in the United Kingdom after his recent detention. Dunn, one of the former employees of the Solana-based memecoin startup Pump.fun, was captured shortly after the platform suffered a hack.&nbsp;</strong></p> 
<p>Dunn’s arrest followed an extensive intelligence operation that monitored his movements through social media and other open sources.</p> 
<p class="has-text-align-center"> <em>Also Read: <a href="https://www.cryptopolitan.com/solana-surges-high-robinhood-sol-staking/" data-type="post" data-id="526097">Solana Surges High as Robinhood Launches SOL Staking in Europe</a></em></p> 
<h2 class="wp-block-heading" id="dunn-confesses-to-1-9-million-exploit-on-pump-fun">Dunn Confesses to $1.9 Million Exploit on Pump.fun</h2> 
<p>On May 16, using the STACCoverflow social media account, Dunn confessed to an attack on the Pump.fun that led to about $1.9 million in losses. Pump.fun confirmed Dunn’s claim and revealed that the former worker used his leverage his position to draw down cash and exploit the protocol. </p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
  <p>“At 15:21 UTC, a former employee, having illegitimately taken access of the withdraw authority using their privileged position at the company, used flash loans on a Solana lending protocol.”</p> 
 </blockquote> 
</blockquote> 
<h2 class="wp-block-heading" id="dunn-reveals-details-of-arrest-and-charges">Dunn Reveals Details of Arrest and Charges</h2> 
<p>After he confessed, Dunn tweeted on May 18 that he had been in jail the whole night before. He revealed that Pump.fun had accused him of $2 million theft and conspiracy to the steal an additional $80 million. Dunn <a href="https://twitter.com/jarettdunn/status/1792219540060864549?s=61&amp;t=IVJU2KROJshlM-XFIaAUvw" target="_blank" rel="noreferrer noopener nofollow">said that the company</a> highlighted the total value locked (TVL) as their income in the charges against him. He advised users to redeem their funds from the site and revealed that Baton Corp is the corporate name of Pump.fun.</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">I am once again without any of my 2fa for a lil while. I spent overnight in custody as the pump team alleges I stole 2m of their Ill gotten gains with conspiracy to steal another 80m. <br><br>/x <a href="https://t.co/D8CBjdB9nG" rel="nofollow" target="_blank">https://t.co/D8CBjdB9nG</a></p>— free stacc (@jarettdunn) <a href="https://twitter.com/jarettdunn/status/1791968019322638835?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 18, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Reports also suggested that the police traced Dunn through his online presence. His Instagram post revealed that he was in London and the timing of his posts on his STACCoverflow account also coincided with his apprehension.</p> 
<p class="has-text-align-center"><em>Also Read: <a href="https://www.cryptopolitan.com/robinhood-crypto-launches-solana-staking-in-europe-with-5-apy/" target="_blank" data-type="post" data-id="525193" rel="noreferrer noopener">Robinhood crypto launches Solana staking in Europe with 5% APY</a></em></p> 
<h2 class="wp-block-heading" id="dunn-discusses-health-issues-and-bail-conditions">Dunn Discusses Health Issues and Bail Conditions</h2> 
<p>After being granted bail, Dunn said he was in a hospital being treated for mental health issues and he may not be well enough to undergo a police interview. However, he is supposed to remain in the United Kingdom until August 16 to report at the police station.</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">My mental health was taken into question and I am likely unfit for interview and so my interview will probably be after bail if I am fit. Time will tell. I have my passport and have not been cautioned not to leave the uk.</p>— free stacc (@jarettdunn) <a href="https://twitter.com/jarettdunn/status/1792188940507836788?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Pump.fun confirmed the exploit in a recent release, stating that the ex-employee was responsible for the attack. The company narrated that Dunn used flash loans from a Solana lending protocol to fraudulently pull out the fund from its protocol. Dunn’s case is still being investigated and legal proceedings are still underway.</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">For transparency purposes: <a href="https://t.co/Io3vkZWfIh" rel="nofollow" target="_blank">pic.twitter.com/Io3vkZWfIh</a></p>— The Rollup (@therollupco) <a href="https://twitter.com/therollupco/status/1791987034720018900?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure>  
<p><em>Cryptopolitan Reporting by Lawrence Damilola</em></p>

Former Pump.fun Employee Arrested in UK Over Alleged $2 Million Theft

Table of Contents

Cryptopolitan_News

Other articles published on May 20, 2024

How Legit Is Option2Trade (O2T)?

Bitcoin Leads Market Rally and Boosts Altcoins

Sei (SEI) Price Soars 10% as Foundation Proposes V2 Upgrade

Bitgert Coin Soars: Price Expected to Surge by +400% This Week!

Trending Solana (SOL) Competitor Under $0.50 Will Reach $2 by End of 2024, Reckons Analyst Who Pr...

Analysts Say This Altcoin Could Outperform Solana (SOL) and Near Protocol (NEAR) by 20x in 2024

Join our free newsletter for daily crypto updates!