Pump.Fun, a Solana-based platform for launching tokens, has been exploited, resulting in a loss of about $2 million.
The attacker used flash loans to the platform’s bonding curve contracts, thus undermining the token launch mechanism.
Exploitation of Pump.fun Bonding Curve
The attacker exploited Pump.Fun’s bonding curve contracts with the help of flash loans, a method that allows borrowers to borrow large sums of money without any collateral on condition they return it within one transaction. By leveraging these flash loans, the attacker was able to acquire enough SOL to buy out the bonding curves for Pump.fun memecoins, leading to financial losses for the platform.
https://t.co/oZFiUGCehw
— Igor Igamberdiev (@FrankResearcher) May 16, 2024
Igor Igamberdiev, the head of research at Wintermute, says that they lost nearly 12,300 SOL, which is about $2 million.
Pump.fun, consequently, acknowledged the breach in a social media post on X (formerly Twitter), stating,
“We know t
We współpracy z: https://coingape.com/flash-loan-attack-drains-2m-from-solana-based-pump-fun/
