In a surprising twist, the exploiter behind the memecoin marketplace Pump Fun has reportedly bagged a free bail after his arrest in London.
The Twist in the Pump Fun Hack
Pump Fun is a Solana-based memecoin trading outlet that tried to tap into the ongoing meme frenzy in the network. Its operations did not come into the spotlight until May 16 when a hacker drained almost $2 million from the marketplace.
The team later identified the attacker as a former employee named Jarett Dunn or StaccOverflow on X. While there’s scarcity of information regarding the matter, Dunn revealed on X that he spent the night in custody relating to the matter. In his comments posted from a different X account, Dunn said he plans to “argue with the crown” that Pump Fun is guilty of “far more heinous” crime than his alleged heist.
He shared a series of posts with Polls on his accusations against Pump Fun. One of these is that the platform operates as an unregistered securities exchange or gambling site with no license. He claims the platform also enforces no KYC or AML and that Saudi Arabia already blacklisted it for operating as a Casino.
He also accused the team of showcasing no minimum value in view for users while it deployed AMM and became a centralized exchange. He also hinted at the strategy of hiring from overseas and keeping a small flow of staff to show investors it has employees. In all, he also accused the team of child abuse intentions which he could subpoena Telegram for evidence.
Crypto Scam and Trends
While the claims from Jaret Dunn remain unsubstantiated, it shows the dynamics behind hacking in the crypto ecosystem. Unlike the counter threat of lawsuit from the Pump Fun attacker, there were hacks in the industry that ended up with full refund from the hacker.
The most historic in this regard is the refund of over $610 million from the Poly Network hacker in 2021. There has been enormous heists in the ecosystem beyond this with some leading to court cases. In April, Mango Markets hacker Avraham ‘Avi’ Eisenberg was convicted of fraud after siphoning $110 million from the marketplace.
While he tried to justify his actions like Jarett Dunn, the law prevailed in the end.
Read More: Cardano Founder Reveals 2 Key Solutions To Power Global Financial OS
The post Pump Fun Hacker Nabbed In London, Makes Troubling Revelation appeared first on CoinGape.
from CoinGape