‘Team accuses me of stealing $2 million’

Breaking News: Capture of the Alleged Mastermind Behind the Solana Memecoin Protocol Exploit in London!

Exciting developments as the infamous @STACCoverflow, believed to be the brains behind the Solana memecoin protocol pump.fun hack, has been apprehended in London. According to Blockworks, Jarett Dunn was nabbed by British authorities on May 18 after an intense 26-hour intelligence operation facilitated by a third-party stakeholder who enlisted a private intelligence firm.

The operation involved utilizing social media posts and other publicly available information to track down Dunn’s whereabouts in London. Local operatives combed through the city and eventually found him at the Middle Eight Hotel in Covent Garden, where he was taken into custody after a seven-hour search.

It’s fascinating to note that Dunn’s arrest coincided with his final social media post on X, where he subtly hinted at his identity through the username @STACCoverflow. Following his arrest, Dunn was released on bail, as confirmed by his own post on X and the intelligence firm.

Keep your eyes peeled as Dunn is expected to remain in the UK until his court appearance scheduled for August.

The pump.fun platform, a revolutionary tool for token launches on the Solana (SOL) network, fell victim to an exploit on May 16, resulting in a loss of over 12,300 SOL valued at $2 million at the time.

The attacker made use of flash loans from Raydium, a Solana lending protocol, to execute the exploit. Flash loans are essential decentralized finance tools that enable users to borrow substantial amounts of capital.

By manipulating the pump.fun bonding curves that determine token prices based on supply, the hacker managed to reach 100% on these curves, accessing and withdrawing liquidity intended for Raydium. After repaying the flash loan, the attacker made a quick exit with considerable profits.

In the aftermath of the incident, pump.fun joined forces with law enforcement to delve into the breach.

Seasoned cryptocurrency market maker Igor Igamberdiev from Wintermute highlighted the possibility of an internal private key leak contributing to the hack. Subsequently, Dunn, operating under the alias @STACCoverflow, took responsibility for the hack in a series of erratic tweets where he expressed unconventional desires to “alter the course of history” and openly shared insights into his mental health challenges and grief over losing his mother.

In a surprising twist, Dunn hinted that the stolen funds would be distributed to holders of various Solana tokens, with at least seven individuals eligible for these payouts. However, he refrained from providing specific details regarding the distribution process or deadlines. His messages suggested a motive driven more by emotional turmoil than financial gain.

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