Ongoing investigations have revealed that Pump.fun, a Solana-based platform facilitating token launches, is reportedly facing an exploit involving flash loans to manipulate its bonding curve.
The Gotbit Hedge Fund raised concerns on social media, warning, “Pump.fun might be under attack. This wallet: [Solscan link] is buying all tokens on Pump.fun within minutes to fill the bonding curve to 100%. Raydium listing stuck.”
The exploit was detailed by a user known as SOLCircle on social media platform X. The attacker, identified by the pseudonym Stacc, reportedly used a crypto loan service to borrow enough Solana (SOL) tokens. These tokens were then used to purchase Pump.fun’s meme coins without actually paying, exploiting the transaction nature that allows the tokens to be retained even when the loan terms are unmet.
SOLCircle explained, “What I’ve been able to figure out is that only one project has gone to Raydium so far, and his bag is currently worth approximately 1,000 SOL ($157,000), which he hasn’t sold any yet.”
Exploiter’s Admission and Motives
The user Stacc has claimed responsibility for the exploit in a social media post, citing personal grievances, including the loss of his mother, as part of his motive. Experts express concern over the potential impact on the meme coin ecosystem within Solana, especially given Pump.fun’s significant role in this market.
Stacc elaborated on his actions, stating, “And so this wee lil script is sending the remaining balances of bonding curves via pRNG to 1. slerf holders, 2. stacc holders, 3. saga holders, 4. risklol holders. This ~80m airdrop may cause a Solana fork and it may cause an awful lot of sourpuss rich kids everywhere, but it certainly stops the evil here.”
Community and Platform Response
The situation remains under close observation, with the crypto community and Pump.fun’s team actively addressing the exploit’s implications. The Pump.fun platform and Solana community are closely monitoring the unfolding events to mitigate further risks and ensure platform integrity.
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