On May 16, 2024, the pump.fun platform, where users can “instantly” create a memcoin on the Solana network, suffered an exploit worth 12,300 SOL (approximately $1.9 million at the time of the attack). It is known that a former employee of the startup is behind the hack.
The project team stated that the hacker managed to carry out an attack using instant loans. The report said he took advantage of his “privileged position” to gain access to the withdrawal of funds.
pump.fun added that the platform’s smart contracts are secure and users can launch new coins. In addition, the trading commission will now be 0% for seven days.
“Users who were affected by the incident will receive 100% of the liquidity they previously had,” the pump team said. fun.
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