Jarett Dunn, the alleged mastermind behind the pump.fun exploit on the Solana memecoin protocol, has been arrested in London. According to Blockworks, British authorities apprehended Dunn, known online as @STACCoverflow, early on May 18. The arrest followed a detailed 26-hour intelligence operation led by a private intelligence firm hired by a third-party stakeholder. The operation utilized social media and publicly available information to pinpoint Dunn’s location in London.
Arrest Details
Local operatives, or “auxiliaries,” conducted an extensive search that culminated in Dunn’s capture at the Middle Eight Hotel in Covent Garden. Dunn was taken into custody seven hours later. The arrest coincided with his last social media post on X, where he hinted at his identity through his username @STACCoverflow—a play on the French phrase “j’arrête” (meaning “I’m done”) and his real name, Jarett.
Following his arrest, Dunn was released on bail. He confirmed his release on X, and the intelligence firm corroborated this information. Dunn is expected to remain in the UK until his court appearance, scheduled for August.
The Exploit
The pump.fun platform, designed to simplify token launches on the Solana (SOL) network, was exploited on May 16, resulting in a loss of over 12,300 SOL, valued at approximately $2 million. The attacker, utilizing flash loans from Raydium, a Solana lending protocol, manipulated the pump.fun bonding curves, which set token prices based on supply. By reaching 100% on these curves, the attacker accessed and withdrew liquidity meant for Raydium, repaid the flash loan, and made off with substantial profits.
Investigation and Admission
Following the exploit, pump.fun collaborated with law enforcement to investigate the breach. Igor Igamberdiev, head of research at cryptocurrency market maker Wintermute, initially suggested that an internal private key leak might have facilitated the hack. Subsequently, Dunn, under the alias @STACCoverflow, admitted to his role in the exploit. He posted a series of erratic tweets discussing his actions, expressing a desire to “change the course of history,” and revealing his struggles with mental health and grief over his mother’s death.
Motive and Intentions
Dunn claimed that the stolen funds would be distributed to holders of various Solana tokens, indicating that at least seven individuals were entitled to these payouts. However, he did not provide specifics about the distribution process or deadlines. His messages suggested that his motive was driven more by emotional distress than financial gain.
Conclusion
The arrest of Jarett Dunn marks a significant development in the investigation of the pump.fun exploit. As Dunn awaits his court appearance, the cryptocurrency community will be watching closely to see how this case unfolds and what impact it might have on future security measures within the crypto space.
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