Pump.fun, a Solana-based memecoin launchpad identifies the recent exploit’s attacker.
The Pump.fun team to seed LPs for affected coins.
Pump.fun, a Solana-based token launching platform, suffered an exploit on May 16. According to a post-mortem report on its X account, it identified the exploit to be executed by a former employee who illegitimately gained access to the withdrawal authority by misusing the privileged position.
The exploit which occurred at 15.17 UTC the previous day, caused a $1.9M loss to the platform and halted trading as bond curves had reached 100% for most coins. Pump.fun stated that it will compensate Liquidity Protocols for every coin and users’ losses.
How Did the Pump.fun Exploit Happen
Pump.fun allows users to mint tokens with minimal fees, within a few dollars. Launched in 2023, Pump.fun protects user funds and prevents rugs by prohibiting pre-sale or team allocation for the created tokens.
The exploit occurred when the former employe
We współpracy z: https://thenewscrypto.com/pump-fun-links-1-9m-exploit-to-former-employee/
