Pump.fun halts trading after suffering flash loan exploit

Solana-based DeFi memecoin level Pump.fun experienced a important breach connected May 16 erstwhile an exploiter seemingly utilized flash loans to manipulate the platform’s bonding curve contracts.

The level has since paused each trading activities.

In a statement connected societal media, Pump.fun acknowledged the exploit and assured users that the level is investigating the issue. The squad wrote:

“We person upgraded the contracts truthful the attacker cannot siphon immoderate much funds. The TVL successful the protocol close present is safe. We’ve paused trading — you cannot bargain and merchantability immoderate coins astatine the moment. Any coins that are presently successful the process of migrating to Raydium cannot beryllium traded and volition not beryllium migrating for an indefinite play of time.”

Industry experts, including Wintermute caput of probe Igor Igamberdiev, suggested that a cardinal had been compromised, raising the anticipation of an wrong job. He estimated the nonaccomplishment to beryllium astatine slightest 12,000 SOL, equivalent to astir $2 million.

An relationship connected X, identified arsenic STACCoveflow, claimed work for the onslaught soon aft the exploit broke successful the news. Stacc hinted astatine a larger motive successful their posts, stating:

“I’m astir to alteration the people of history.”

He implied that helium did not mean to support the stolen funds but planned to redistribute the “remaining balances of bonding curves” to definite token users. The nonstop method Stacc utilized to execute the onslaught remains unclear, and it is chartless if the balances are so being distributed to different users.

The relationship allegedly belongs to a doxxed developer who antecedently worked connected Pump.fun. Additionally, several accounts claimed that Stacc had airdropped the stolen SOL to holders of 4 antithetic coins.

However, CryptoSlate was incapable to verify the claims connected societal media arsenic of property time.

The station Pump.fun halts trading aft suffering flash indebtedness exploit appeared archetypal connected CryptoSlate.