Possible Security Vulnerability Discovered in Pump.fun Platform on Solana Blockhain

Exciting news has emerged about Pump.fun, the innovative Solana-based platform that helps with token launches. Reports suggest that clever tactics involving flash loans have been used to manipulate its bonding curve.

A warning came from the Gotbit Hedge Fund, who raised concerns on social media about a possible attack on Pumpfun. They pointed out a suspicious wallet making rapid purchases on Pumpfun, pushing the bonding curve to its limit. The situation has caused a delay in Raydium listing.

On social media platform X, a user known as SOLCircle shared details of the exploit orchestrated by an individual named Stacc. Stacc utilized a crypto loan service to borrow SOL tokens, which were then used to acquire meme coins on Pump.fun without repaying the loan. This loophole allowed Stacc to amass a significant amount of tokens.

SOLCircle revealed, “Only one project has been sent to Raydium so far, and the exploiter’s holdings are valued at around 1,000 SOL (approximately $157,000) which have not been cashed out yet.”

Confession of the Exploiter

In a surprising turn of events, Stacc took to social media to confess to the exploit. The post revealed personal struggles, like the loss of his mother, as contributing factors to his actions. This admission has raised concerns about the impact on Solana’s meme coin ecosystem, particularly with Pump.fun being a key player in the market.

Stacc explained his actions, stating, “This unique script will distribute remaining balances from bonding curves to specific token and NFT holders. This airdrop may lead to a Solana fork and upset some wealthy individuals, but it aims to halt any further malicious activities.” It appears that Stacc plans to redistribute the exploited funds within the Solana community.

The situation is being closely monitored by the crypto community and Pump.fun’s team as they assess the repercussions of this exploit.

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