An Arrest Rocks the Cryptocurrency Community
The cryptocurrency community was shocked by the recent arrest of Jarett Dunn, the alleged mastermind behind the $1.9 million exploit of the Solana-based memecoin platform pump.fun.
Key Points About the Arrest
- Jarett Dunn, also known as @STACCoverflow, was arrested in London on May 18.
- After the arrest, Dunn was released on bail and is currently in a hospital, updating from a restricted iPad.
- The arrest followed a 26-hour intelligence operation initiated by a third-party stakeholder who hired a private intelligence firm.
- Dunn is accused of stealing $2 million and planning to steal an additional $80 million according to the pump.fun team.
- Dunn is expected to stay in the UK until his court appearance, which is scheduled for August.
The Arrest Operation
A third-party stakeholder hired a private intelligence firm to track Dunn’s whereabouts using social media posts and publicly available information. Local operatives eventually located Dunn at the Middle Eight Hotel in Covent Garden, where he was taken into custody.
Post-Arrest Updates
Following his release on bail, Dunn is currently in a hospital, providing updates using a restricted iPad. He has made claims about the allegations from the pump.fun team, stating that he stole $2 million and planned to steal $80 million.
He has also urged U.K. citizens to press charges against a company he referred to as pump.fun’s corporate entity.
About the Pump.fun Exploit
The pump.fun platform, which facilitates token launches on the Solana network, was exploited on May 16, resulting in a loss of over 12,300 SOL, valued at approximately $2 million at the time.
The attacker utilized flash loans from Raydium, a Solana lending protocol, to manipulate the pump.fun bonding curves and withdraw liquidity intended for Raydium, resulting in significant profits.
Response to the Incident
After the exploit, pump.fun began collaborating with law enforcement to investigate the breach. Igor Igamberdiev, the head of research at cryptocurrency market maker Wintermute, suggested that there may have been an internal private key leak that enabled the hack.
Upcoming Court Appearance
Dunn is expected to remain in the UK until his court appearance in August, where he will face the allegations related to the exploit of the pump.fun platform.
Hot Take: Stay Informed and Stay Safe in the Crypto World
As a crypto enthusiast, it’s crucial to stay informed about the latest trends and events in the crypto space. While the story of Jarett Dunn and the pump.fun exploit may be shocking, it serves as a reminder of the importance of security and due diligence in the cryptocurrency world.
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