As an experienced cybersecurity analyst with a background in blockchain technology, I find the recent incident involving the $2 million pump.fun exploit deeply concerning. The fact that a former employee gained admin privileges and misappropriated funds is a clear case of insider threats, which can be particularly damaging in the decentralized finance (DeFi) space.
A former employee involved in the $2 million pump.fun heist is asking for $100,000 compensation for every affected contributor, apart from the founders, and has warned of potential destruction of the stolen funds.
As an analyst, I’d rephrase it as follows: A malicious actor with access to the administrative controls of pump.fun, a Solana-based launchpad for memecoins, has made off with close to $2 million worth of funds following their unauthorized gain of privileges. This adversary is now holding a gun to the project’s head, warning that they will destroy the stolen funds if the management team doesn’t distribute $100,000 to contributors as demanded.
@pumpdotfun I agree I probably don’t sound like I am trustworthy in promising to burn the tokens on 7ihn.
If you don’t trust me, release 100k usd -first- to each and every non founder that has contributed to pump at any point. I count 7 or 8 ppl. Or so. 🙂 including support.
— 🔥🪂staccoverflow ; j’arrête ; (@STACCoverflow) May 17, 2024
As a researcher investigating a specific incident on X’s platform, I came across a post made by an individual going by the handle “Stacc” on May 17. In this post, Stacc declared their intent to destroy the ill-gotten tokens if pump.fun, the team behind the project, failed to distribute $100,000 to each and every contributor who had supported pump at any given time.
I’ve analyzed the situation and can confirm that Stacc claims at least seven people are eligible for payments related to a project, without disclosing their identities. However, Stacc failed to provide details about the distribution process or payout deadlines. As of now, pump.fun has not made any public announcements regarding this issue.
Post-incident Analysis of Coin Migration Incident:
— pump.fun (@pumpdotfun) May 16, 2024
A former employee at pump.fun, whose name hasn’t been disclosed, exploited their insider access to the company and stole over 12,000 SOL tokens worth around $2 million using intricate maneuvers with the project’s smart contracts, as uncovered in a post-mortem examination. The pump.fun team has pledged to compensate affected users by forgoing trading fees for the next week.
I’ve analyzed a recent report from crypto.news where Stacc admitted to their involvement in an incident via social media, attributing it to personal struggles such as the loss of a loved one and difficult work environments. The implications of this exploit on the meme coin sector within Solana are a cause for concern among experts, especially considering pump.fun’s substantial influence in this market.
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2024-05-17 11:31