Solana memecoin creation tool pump.fun has claimed a former employee exploited the firm for nearly $2 million through a “bonding curve” attack. The ex-employee used their “privileged position” to access a “withdraw authority” and compromise the protocol’s internal systems, pump.fun alleged in a May 16 X post.
About $1.9 million was stolen from the total $45 million held in pump.fun’s bonding curve contracts. The platform temporarily paused trading but it is now back up and running. The pump.fun smart contracts “are safe,” and users impacted by the incident will receive “100% of the liquidity” that it previously had within the next 24 hours, pump.fun said.
Approximately 12,300 SOL, worth $1.9 million, was stolen in the attack, which pump.fun sai occurred between 3:21 pm and 5:00 pm UTC on May 16.
The Solana Memecoin Launchpad said users impacted between these hours would recover 100% or more of the liquidity held prior to the attack.
On-chain investigator ZachXBT has publicly questioned the financial health of cryptocy exchange AscendEXafter mounting reports of users waiting days—and…
Tether is expanding beyond stablecoins once again—this time by turning its massive $23 billion gold reserve into an…
Strategy Executive Chairman Michael Saylor is standing by his long-term Bitcoin strategy despite mounting pressure from investors as…
Polymarket has pledged to fully reimburse users after hackers stole approximately $2.9 million through a sophisticated phishing attack…
Base, the Ethereum Layer-2 blockchain incubated by Coinbase, has fully restored operations after suffering a block production…
Bitcoin has fallen below the $60,000 level once again, placing the world's largest cryptocy on pace to record…