Innovative Meme Coin Issuance Platform Pump fun Hacked! Attacker Allegedly Seizes 80 Million Pounds and Conducts Random Airdrops

Innovative Meme Coin Issuance Platform Pump fun Hacked! Attacker Allegedly Seizes 80 Million Pounds and Conducts Random Airdrops

Innovative Meme Coin Issuance Platform Pump fun Hacked! Attacker Allegedly Seizes 80 Million Pounds and Conducts Random Airdrops

The meme coin issuance platform Pump fun on the Solana blockchain has been attacked. The attacker, an anonymous individual named staccoverflow, is said to have previously worked at Pump fun and launched the attack due to dissatisfaction with the platform. However, there are also claims that the attack was a result of staccoverflow’s recent loss of his mother, leading to mental instability.

Currently, the Pump fun protocol has been temporarily suspended, and the Phantom wallet has blacklisted the Pump fun website.

There are various speculations regarding the attack method and the amount stolen. Staccoverflow claimed to have obtained $80 million in a series of attacks, with rumors suggesting that the attack was carried out through Marginfi’s flash loans. However, Wintermute’s Head of Research, Lgor Lamberdiev, further stated that besides utilizing flash loans, the main cause of the attack seems to be the leakage of Pump fun’s private keys. Lgor Lamberdiev claimed that the attacker stole a total of 2,000 SOL and a large amount of meme coins.

It is worth mentioning that staccoverflow appears to have used the stolen SOL for random airdrops to holders of Slerf, Stacc, Saga, risklol, and other addresses. Many people have claimed to have received the airdrops and expressed their gratitude.

Update (May 17, 10:00 AM):
Following the incident, the Pump fun team released an investigation report stating that there were no vulnerabilities in the Pump fun contract. The breach occurred due to the illegal misappropriation of approximately 12,300 SOL (approximately $1.9 million) by a former employee. The team has redeployed the contract and reopened trading.

However, some meme coins are unable to be traded due to this incident. To ensure full compensation for users, the team will provide seed funding for all coins that reached 100% bonding curves between 15:21 and 17:00 UTC within the next 24 hours, allowing these coins to regain liquidity on Raydium at a level not lower than before. As part of the compensation plan, the platform will not charge any transaction fees for the next 7 days.