- A former Pump.fun employee has admitted to siphonning roughly $2 million from the project
- The ex-employee admitted that he drained the funds in an attempt to kill the project
- The attack was conducted due to alleged poor management
A former Pump.fun employee has admitted to draining approximately $2 million from the project in an attempt to cripple the project. The ex-employee was later seen sending the funds to random wallets on the Solana blockchain, with some of the addresses confirming having received the funds. The former employee said the project is “horribly managed” and that he’s ready to go to jail, something that further reduces the chances of recovering the funds.
Bonding Curve Contracts Targeted
According to the memecoin project, the ex-employee attacked the platform’s bonding curve contracts, forcing the team to temporarily pause the project as they upgraded the contracts.
We are aware that the https://t.co/uE2QNKXkIT bonding curve contracts have been compromised and are investigating the matter.
We have upgraded the contracts so the attacker cannot siphon any more funds. The TVL in the protocol right now is safe.
We’ve paused trading — you…
— pump.fun (@pumpdotfun) May 16, 2024
In an X post, the exploiter said that he understands that his actions constitute a crime and that he knows the Pump.fun team already knows his identity. He tried to justify the theft saying that the project is poorly managed and that the project would eventually “wind up dead.”
And now; Magick: everybody be cool, this is a r o b b e r y. What it do, staccattack? I’m about to change the course of history. n then rot in jail. am I sane? nah. am I well? v much not. do I want for anything? my mom raised from the dead n barring that: /x
— 🔥🪂staccoverflow ; j’arrête ; (@STACCoverflow) May 16, 2024
Responding to a question on why he stole from the project in an X Spaces session, the attacker said he wanted to kill the project “because it’s something to do,” adding that the project was already on a downward spiral.
Cypher Protocol Developer Admits to Steal Funds
His bold response raises questions about whether the project was planning to rug its users or it’s just some bad blood between him and his former boss.
the kind of horrible bosses that witness you wreck your hand, ask you what happened, u said the glass table gotchu, and they go ‘is that table ok?’ is not the type of ppl you want front n center as the face of blockchain. /x
— 🔥🪂staccoverflow ; j’arrête ; (@STACCoverflow) May 16, 2024
The incident comes a day after Solana’s Cypher protocol developer admitted to stealing $300,000 from the project to fuel his gambling appetite. It also comes a month after on-chain sleuth ZachXBT disclosed that malicious actors are posing as blockchain project developers as a way to lure victims.
Although the Pump.fun attacker said he’s ready to go to jail, it’s to be seen whether the project will involve law enforcement agencies or it’ll appeal to those who received the funds to return them.
