2024-5-20 11:19 |
Jarett Dunn, aka @STACCoverflow, arrested in London for Solana memecoin exploit. Dunn used flash loans to manipulate pump.fun, stealing $2 million in liquidity. Released on bail, Dunn confessed online, citing mental health struggles and grief
The alleged orchestrator of the recent Solana memecoin protocol pump.fun exploit, Jarett Dunn, known online as @STACCoverflow, has been arrested in London.
The arrest follows a sophisticated 26-hour intelligence operation spearheaded by a third-party stakeholder who had enlisted a private intelligence firm to track Dunn’s activities.
Jarett Dunn arrested in Middle Eight HotelThe operation culminated in the early hours of May 18 when local operatives, or “auxiliaries,” pinpointed Dunn’s location at the Middle Eight Hotel in Covent Garden.
After a seven-hour search, British authorities apprehended Dunn, who has since been released on bail pending his court appearance in August.
The Pump.fun flash loan exploitDunn, a former contractor, is accused of exploiting the Solana-based pump.fun protocol by utilizing flash loans from the Raydium lending platform.
Flash loans allow users to borrow large sums of capital without collateral, provided the loan is repaid within the same transaction.
Dunn allegedly manipulated the pump.fun bonding curves to access and withdraw substantial liquidity, profiting $2 million in the process.
In the aftermath of the exploit, Dunn took to social media to confess his involvement. His posts on X (formerly Twitter) revealed a mix of remorse and defiance, hinting at a desire to distribute the stolen funds to Solana (SOL) token holders.
Dunn also opened up about his mental health struggles and the recent loss of his mother, suggesting that emotional distress played a significant role in his actions.
The exploit has prompted pump.fun to work closely with law enforcement to investigate the breach. Initial theories by Igor Igamberdiev, head of research at cryptocurrency market maker Wintermute, pointed to an internal private key leak.
Dunn’s erratic tweets have since confirmed his role, though the specifics of his proposed fund distribution remain unclear.
As the investigation continues, the cryptocurrency community watches closely, awaiting further developments in this high-profile case.
The post Solana memecoin protocol pump.fun exploit mastermind arrested in London appeared first on CoinJournal.
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