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Home»BLOCKCHAIN NEWS»Solana’s Pump.fun platform faces potential abuse.
BLOCKCHAIN NEWS

Solana’s Pump.fun platform faces potential abuse.

By Crypto FlexsMay 16, 20242 Mins Read
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Solana’s Pump.fun platform faces potential abuse.
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An ongoing investigation has revealed that Pump.fun, a Solana-based platform that facilitates token launches, was allegedly exploited to manipulate the bond curve through flash loans.

Godbit Hedge Fund flagged On social media: “Pumpfun may be under attack. This wallet: (Solscan link) Buys all of Pumpfun’s tokens in minutes to fill the bond curve 100%. Raydium listing has been discontinued.”

The exploit was detailed by a user known as: Sol Circle The exploiter, identified by the pseudonym Stacc, reportedly borrowed sufficient Solana (SOL) tokens using a cryptocurrency lending service. These tokens were used to purchase Pump.fun’s meme coins without actually paying them due to the nature of the transaction allowing the tokens to be held even if the loan terms were not met.

SOLCircle explained the situation by saying, “What I’ve been able to figure out is that only one project has gone to Raydium so far, his bag is currently worth about 1,000 SOL ($157,000), and he hasn’t sold a single one yet.”

And now; Magick: Everyone, calm down. This is a robbery. What is that, stacattack? I’m trying to change the course of history. Then you rot in prison. Am I sane? no. I’m fine? v Not really. Is there anything I want? My mom rose from the dead except for that: /x

— 🔥🪂stackoverflow; I stop. (@STACCoverflow) May 16, 2024

The position of the exploiter

A user named Stacc claimed responsibility for the incident in a social media post. He cited personal grievances, including the loss of her mother, as one of the motivations for the attack. Experts are concerned about the potential impact of this attack on the meme coin ecosystem within Solana. Especially since Pump.fun is considered a significant player in this market.

“So this little script sends the remaining balance of the coupling curve via pRNG to 1. slerf holder 2. stacc holder 3. saga holder 4. risklol holder. This ~80 million airdrop could cause a Solana fork and a ton of rich kids everywhere, but it could definitely stop evil here.” Stacc explained that funds obtained from the exploit will be rewarded to select token and NFT holders. Solana Community.

The cryptocurrency community and the Pump.fun team are closely monitoring the situation as they address the implications of this exploit.

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