Quick take:

  • Stacc’s seems to suggest the exploit is in the tune of $80 million but other sources citing on-chain data indicate approximately $2 million has been stolen so far.

  • 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.

Someone 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. 

‘Stacc’ seems to suggest working for the wrong 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 without caring about the repercussions which could include going to jail.

Currently, there are conflicting reports about how much the attacker has managed to exploit. One X user by the name of Sakuzi who believes ‘Stacc’ is a former employee of Pump.fun, is putting the figure at $80 million.

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 An X User Hints Pump.fun Exploit May Be An Inside Job After Taking Credit appeared first on NFTgators .