Former Solana-based Pump.fun employee arrested after $1.9 million crypto exploit

Jarret Dunn, a erstwhile worker of Solana-based memecoin launchpad Pump.fun, is presently connected bail successful the United Kingdom pursuing his caller arrest.

Dunn, besides known by his online alias “STACCoverflow,” was apprehended soon aft a important exploit connected the crypto launchpad platform.

On May 16, Dunn, done the STACCoverflow societal media account, admitted to an onslaught that resulted successful astir $1.9 cardinal successful losses for the Solana platform.

Pump.fun corroborated this, saying an ex-employee abused his presumption to retreat funds and exploit the platform’s systems. It stated:

“At 15:21 UTC, a erstwhile employee, having illegitimately taken entree of the retreat authorization utilizing their privileged presumption astatine the company, utilized flash loans connected a Solana lending protocol.”

Dunn’s arrest

On May 18, Dunn tweeted that helium had spent the erstwhile nighttime successful custody. He revealed that Pump.fun charged him with stealing $2 cardinal and conspiring to bargain an further $80 million.

In his tweet, Dunn highlighted that the institution considered the full worth locked (TVL) arsenic their wealth successful the charges against him. He urged users to retreat their funds from the level and disclosed that Baton Corp is the firm entity down Pump.fun.

Reports bespeak that instrumentality enforcement tracked Dunn utilizing his societal media activity. His caller Instagram station places him successful London, and the timing of his posts connected his STACCoverflow relationship coincided with his arrest.

Following his merchandise connected bail, Dunn mentioned that helium is presently successful a infirmary addressing intelligence wellness issues, which whitethorn render him unfit for a constabulary interview. Despite this, helium is required to stay successful the United Kingdom until August 16, erstwhile helium indispensable study backmost to the constabulary station.

Pump.fun has yet to respond to CryptoSlate’s petition for comment.

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