- Jarett Dunn, aka @STACCoverflow, arrested in London for Solana memecoin exploit.
- Dunn faded flash loans to manipulate pump.fun, stealing $2 million in liquidity.
- Released on bail, Dunn confessed online, citing psychological health struggles and anxiety
The alleged orchestrator of the hot Solana memecoin protocol pump.fun exploit, Jarett Dunn, identified online as @STACCoverflow, has been arrested in London.
The arrest follows a stylish 26-hour intelligence operation spearheaded by a third-salvage together stakeholder who had enlisted a deepest intelligence firm to trace Dunn’s activities.
Jarett Dunn arrested in Middle Eight Hotel
The operation culminated in the early hours of Might possibly per chance furthermore honest 18 when local operatives, or “auxiliaries,” pinpointed Dunn’s spot on the Middle Eight Hotel in Covent Backyard.
After a seven-hour search, British authorities apprehended Dunn, who has since been released on bail pending his court look in August.
The Pump.fun flash mortgage exploit
Dunn, a frail contractor, is accused of exploiting the Solana-essentially based pump.fun protocol by the utilization of flash loans from the Raydium lending platform.
Flash loans allow users to borrow dapper sums of capital with out collateral, supplied the mortgage is repaid contained in the linked transaction.
Dunn allegedly manipulated the pump.fun bonding curves to salvage admission to and withdraw mountainous liquidity, profiting $2 million in the technique.
In the aftermath of the exploit, Dunn took to social media to confess his involvement. His posts on X (formerly Twitter) printed a combine of remorse and defiance, hinting at a desire to distribute the stolen funds to Solana (SOL) token holders.
Dunn also opened up about his psychological health struggles and the hot lack of his mother, suggesting that emotional damage played a primary position in his actions.
The exploit has triggered pump.fun to work carefully with law enforcement to overview the breach. Preliminary theories by Igor Igamberdiev, head of research at cryptocurrency market maker Wintermute, pointed to an internal deepest key leak.
Dunn’s erratic tweets maintain since confirmed his position, even supposing the specifics of his proposed fund distribution remain unclear.
As the investigation continues, the cryptocurrency community watches carefully, anticipating added developments in this high-profile case.
