Cryptocurrencies

Solana memecoin generator Pump.fun has alleged that a former employee took advantage of the company

Solana memecoin generator Pump.fun claimed that a former employee exploited the company for nearly $2 million through a “curve threading” attack.

The former employee used his “privileged position” to access “withdrawal authority” and threaten the protocol’s internal systems, Pump.fun alleged in a May 16 X post.

About $1.9 million was stolen out of a total of $45 million held in Pump.fun’s correlation curve contracts.

The platform temporarily suspended trading but is now back up and running.

Pump.fun’s smart contracts are “secure” and users affected by the incident will receive “100% of the liquidity” they previously had within the next 24 hours, Pump.fun said.

source: fun

Before Pump.fun’s post, Igor Igamberdiyev, head of research at cryptocurrency market maker Wintermute, claimed that the hack came from an internal private key leak, which was suspected to be user X “STACCoverflow.”

In a series of cryptic X posts, STACCoverflow claimed it was “about to change the course of history.” n (sic) then rot in prison.” They added in a separate post that they “don’t care, I’ve already done the entire survey.”

Related: Solana memecoin reaches a massive market cap of $328 trillion – for all the wrong reasons

In a previous X post, Pump.fun said it was cooperating with law enforcement. It did not name the former employee and did not immediately respond to a request for comment.

How the hack unfolded

The alleged exploiter used flash loans on the Solana Raydium lending protocol to borrow Solana (SOL), which was then used to “purchase as many coins as possible,” Pump.fun said.

Once coins reach 100% on their correlation curves, the scalper can then access the liquidity of the correlation curve and pay off quick loans.

Nearly 12,300 soles, worth $1.9 million, were stolen in the attack, which occurred on Pump.fun sai between 3:21 PM and 5:00 PM UTC on May 16.

Between these hours, affected users will recover 100% or more of the liquidity that existed before the attack, the Solana memecoin launch platform said.

magazine: 1 in 6 new basic meme coins are scams, and 91% of them have vulnerabilities

sh-hakam.com

I am HAKAM web developer. From here you will get a lot of valuable information for free and a call for updates to WordPress and Blogger so that your sites are accepted in Google AdSense and also proper mastery of SEO and the best for the easiest.

Leave a Reply

Your email address will not be published. Required fields are marked *