Pump.fun, Solana memecoin launchpad, Got Hacked by an Insider! ($1.9M Exploited)!! đ€
Here's the lowdown:
đŽ An ex-employee went rogue! Apparently, a former employee used their access to steal around $1.9 million worth of $SOL (12,300 SOL at the time).
đ„ How'd they do it? This sneaky ex-employee used their admin powers to borrow a bunch of SOL with flash loans. Then, they used that SOL to buy out a bunch of memecoins on Pump.fun, driving their prices up to 100%. This trickery allowed them to get liquidity to repay the flash loans.
đą Don't worry, most funds are safe! Thankfully, only about $1.9 million was affected, which is a small portion of the total liquidity on Pump.fun.
đą Pump.fun Fights Back! The platform reacted quickly, stopping trading and upgrading their contracts to prevent further damage. They're also back up and running with no security issues.
đ© Making things right: To compensate users, Pump.fun will be adding extra #SOL to the affected memecoin pools, making sure everyone is whole again. Plus, they're offering 0% trading fees for the next week!
Stay safe! DYOR. #altcoins #notcoin
Here's the lowdown:
đŽ An ex-employee went rogue! Apparently, a former employee used their access to steal around $1.9 million worth of $SOL (12,300 SOL at the time).
đ„ How'd they do it? This sneaky ex-employee used their admin powers to borrow a bunch of SOL with flash loans. Then, they used that SOL to buy out a bunch of memecoins on Pump.fun, driving their prices up to 100%. This trickery allowed them to get liquidity to repay the flash loans.
đą Don't worry, most funds are safe! Thankfully, only about $1.9 million was affected, which is a small portion of the total liquidity on Pump.fun.
đą Pump.fun Fights Back! The platform reacted quickly, stopping trading and upgrading their contracts to prevent further damage. They're also back up and running with no security issues.
đ© Making things right: To compensate users, Pump.fun will be adding extra #SOL to the affected memecoin pools, making sure everyone is whole again. Plus, they're offering 0% trading fees for the next week!
Stay safe! DYOR. #altcoins #notcoin
