An ex-employee behind the $2 million exploit of pump.fun, a Solana-based launchpad for memecoins, is demanding $100,000 payouts to each non-founder contributor, while threatening to burn the stolen funds if the demands are not met.
The attacker, known as “Stacc,” issued the ultimatum in an X post on May 17, stating their willingness to burn the stolen tokens if the pump.fun management team does not distribute $100,000 to every non-founder contributor involved in the project. Although the identities of these contributors remain undisclosed, Stacc claims that at least seven individuals are entitled to the payouts. Stacc did not provide specifics regarding the distribution process or deadlines for the payouts. As of the time of reporting, pump.fun had not issued any public statements on the matter.
According to a post-mortem analysis by pump.fun, the exploit was executed by a former employee who used their privileged position within the company to misappropriate over 12,000 SOL tokens, valued at approximately $2 million. This was achieved through a series of manipulations with the project’s smart contracts. The pump.fun team has committed to reimbursing affected users and is waiving trading fees for the next seven days.
In previous reports by crypto.news, Stacc acknowledged their involvement in the exploit via social media, citing personal grievances, including the loss of their mother and experiences with “horrible bosses,” as motivations behind the attack. Experts have expressed concerns about the potential repercussions of this exploit on the meme coin ecosystem within Solana, particularly given pump.fun’s significant role in the market.
This development underscores the ongoing challenges in securing and managing blockchain-based projects, as well as the potential for internal conflicts to escalate into major security breaches.
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