Warning: Beware of Recent Security Breach on Pump.fun Platform ๐จ
Recently, Solana-based meme coin launchpad Pump.fun experienced a security breach where a former employee misused their access to steal around 12,300 SOL, valued at $1.9 million. The platform took immediate action to address the breach and prevent further damage by halting trading and updating their contracts.
Flash Loan Exploit Unveiled ๐ต๏ธ
- A former employee at Pump.fun exploited their privileged position with withdrawal authority gained from their previous role within the company.
- The individual used flash loans on a Solana lending protocol to borrow SOL and manipulate coin prices, affecting $1.9 million out of $45 million total liquidity.
- Trading was suspended, contracts were redeployed, and trading resumed with a 0% fee for seven days to mitigate the impact of the exploit.
Addressing Internal Private Key Leak Concerns ๐
- Prior to Pump.fun’s official statement, Igor Igamberdiev from Wintermute attributed the hack to an internal private key leak and pointed fingers at X user “STACCoverflow.”
- Shortly after, “Stacc” confessed to orchestrating the exploit, criticizing Pump.fun’s leadership and their representation within the blockchain community.
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