DeFi
Pump.fun’s record week spoiled by $2 million exploit – DL News
- Pump.fun was tapped for nearly $2 million on Thursday.
- Earlier in the week, Pump.fun reached a record daily revenue of over $1.2 million.
- Trading on the platform is suspended until further notice.
Pompe.funa Solana-based platform for memecoin launches, suffered an attack on Thursday, with an estimated 2 million dollars in losses.
The attack comes just two days after the platform hit a record level in daily revenue generated of more than $1.2 million on Tuesday.
The platform, which allows developers to easily launch tokens in just a few steps, has had its contracts compromised and has suspended trading to prevent further damage.
“We are aware that the contracts on the link curve have been compromised and are investigating the matter”, Pump.fun said the.
“We have suspended trading – you cannot buy or sell coins at this time. Any coins currently migrating to Raydium cannot be traded and will not migrate for an indefinite period of time.
Once the tokens reach a market cap of $69,000, they can be listed on Raydium, a decentralized exchange on Solana.
A bond curve refers to how the price of a token increases when its supply decreases and vice versa.
Igor Igamberdiev, head of research at Wintermute who analyzed the attack, suggested that the the private key has been compromised.
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The attacker used flash loans to fool the platform’s bonding curve into accepting ghost SOL tokens, making the tokens appear to have value even if no traders buy organically.
An account on X, known as Stacc, appears to take credit for the attack, assignment“I am about to change the course of history” and I continued to post “I don’t care, I’m already completely doxxed.”
Stacc hinted that the stolen funds would not be kept but rather transferred to certain token users, although his initial estimates of 80 million dollars now seem to be getting closer to $2 million, as Igamberdiev mentions.
DL News could not independently confirm Stacc’s claims, and the Pompe.fun The team has not made a public statement on the identity of the attacker.
The motive for the attack remains unclear, and it is not clear how Stacc executed the exploit or whether he distributed the balances to random people, although some have claimed to receive SOL from the exploiter.
Pump.fun presents itself as a “fair launch” platform.
It allows users to create new tokens for a few dollars, with its revenue coming from fees charged when users buy and sell these tokens.
The attack caused significant losses, but did not generate substantial profit for the attacker. Despite the chaos, assets still in the protocol are currently safe, according to the Pump.fun team.
Ryan Celaj is a data correspondent at DL News. Do you have any advice? Send him an email to ryan@dlnews.com.