Quick take:

  • There are still conflicting reports about how much was stolen with Stacc saying it’s $80 million while on-chain data seems to point towards $2 million.

  • The attacker used flash loans to exploit Pump.fun memecoin bonding curves.

  • Pump.fun uses bonding curves to protect users from potential rug pulls by ensuring that all created tokens are safe.

A former employee has taken credit for the Pump.fun exploit. The platform was on Thursday attacked using flash loans which enabled the attacker to get enough SOL to buy out the bonding curve for Pump.fun memecoins.

And unlike many crypto exploits, the attacker in this case has posted on X taking credit. Stacc seems to suggest that mental health may have played a part in his actions, adding that the resurrection of his dead mother is the only ‘ransom’ he would accept. 

According to ‘Stacc’, working for horrible bosses in the blockchain industry contributed to the current state of his mind, as he seems to believe that his actions will change the course of the industry. “Stacc” does not also seem to care about the repercussions of the action, which could include going to jail.

Currently, there are conflicting reports about how much the attacker has managed to steal. One X user by the name of Sakuzi is putting the figure at $80 million, the amount Stacc declared to have stolen.

Wintermute researcher Igor Igamberdiev had a figure of about 2,000 SOL or about $300,000 earlier before revising it higher to 12,000 SOL, or approximately $2 million.

On Pump.fun, users select a token and then buy it on a bonding curve, the formula that determines a token’s price based on its supply. The platform uses bonding curves to protect users from potential rug pulls by ensuring that all created tokens are safe.

This is not the first attack on a platorm used for token launches. Last month, Hedgey Finance, a token infrastructure platform on Arbitrum was exploited for nearly $45 million. 

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The post Pump.fun Exploited for “$80 Million” in SOL as Former Employee Takes Credit appeared first on NFTgators .