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Ongoing investigations reveal that Solana-based platform Pump.fun, which facilitates token launches, has reportedly been exploited through flash loans to manipulate its pegging curve.
The Gotbit Hedge Fund twitter.com/gotbit_io/status/1791135489933680681?s=46&t=z-3qPWdjSvlm0gpO8OOLdQ” data-type=”link” data-id=”https://twitter.com/gotbit_io/status/1791135489933680681?s=46&t=z-3qPWdjSvlm0gpO8OOLdQ” target=”_blank” rel=””>marked concerns on social media, stating: “Pumpfun could be under attack. This wallet: (Solscan Link) is purchasing all the tokens on Pumpfun in a matter of minutes to fill the bonding curve to 100%. The Raydium list was stuck.”
The exploit was detailed by a user known as twitter.com/TheSolanaCircle/status/1791143191522976051″ data-type=”link” data-id=”https://twitter.com/TheSolanaCircle/status/1791143191522976051″ target=”_blank” rel=””>SUNCircle on the social media platform These tokens were then used to purchase Pump.fun meme coins without actually paying, due to the nature of the transaction allowing the tokens to be kept even when the terms of the loan are not met.
SOLCircle described the situation and stated: “What I have been able to discover is that so far only one project has gone to Raydium and their bag is currently worth approximately 1,000 SOL ($157,000) and they have not sold any yet.”
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Operator admission
User Stacc claimed responsibility for the incident in a social media post. He cited personal grievances, including the loss of his mother, as part of the motivation behind the feat. Experts are concerned about the potential impact of this exploit on the meme coin ecosystem within Solana, especially since Pump.fun is considered a major entity in this market.
“And so this little script sends the remaining bond curve balances via pRNG to 1. slerf holders 2. stacc holders 3. saga holders 4. Risklol holders. “This ~80 million airdrop may cause a solana fork and may cause a lot of bitter rich kids everywhere, but it certainly stops the evil here,” notes Stacc, explaining that funds from the exploit will be rewarded for select token and nft holders in the Solana community.
The situation remains under close observation, with the crypto community and the Pump.fun team addressing the implications of this exploit.
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