Solana token launcher Pump.fun flash loan exploit. Hacker uses flash-loans to obtain enough SOL to purchase Pump.fun memecoin bond curves.
Flash-loan exploit in Solana-based Pump.fun!
According to recent information, Pump.fun, a Solana-based platform that facilitates token launches, has been exploited. The exploiter appears to be using flash-loans to obtain enough SOL to purchase the binding curve for Pump.fun meme-coins. As a user named SOLCircle explained on social media platform X, the exploiter uses a crypto lending service to borrow the SOL needed to purchase Pump tokens. Even though it does not accept credit tokens, the transaction still occurs. It also allows the exploiter to keep the tokens without paying anything.
A social media user known as Stacc took credit for this exploit. In a social media post on Thursday, Stacc said he was involved in a robbery but was in poor mental health. He also stated that he wishes for his mother to rise from the dead. SOLCircle made the following statement regarding the issue:
As far as I can tell, only one project has ever gone to Raydium, and his bag is currently worth around SOL 1,000 ($157,000) and he hasn’t sold any yet. Judging by his tweet about his mother’s passing detailing the abuse, it doesn’t seem like he plans to make money off of it and it’s more of an indication of his aggression and sadness, but that could change quickly.
SOLCircle also stated, “It is possible that Pump.fun will make a big cut in the memecoin space in Solana. Because it’s one of your greatest assets. It currently holds millions of dollars worth of tokens. “Also, if all these projects are sent to Raydium, there is a big bag waiting for him to turn it into money if he wants.” said.
Pump.fun confirmed the attack and stopped transactions!
Pump.fun “prevents rug-pulls by ensuring that all tokens created are safe,” it writes on its website. He also adds that not every new coin has a pre-sale or team allocation. Pump allows users to mint new tokens for just a few dollars. Users choose a token and then purchase it through a bond curve. It is possible for them to sell their tokens to cover their profits or losses. A token with a market cap of $69,000 incentivizes $12,000 of the token liquidity to be deposited on Raydium, a Solana-based decentralized exchange, before it burns. The binding curve is a formula that determines the price of a token depending on its supply.
Pump.fun charges users approximately 0.02 SOL to create a new token. This costs $3.16 at current prices. According to the latest data, Pump had its highest daily revenue on May 14 with $1.23 million. Additionally, the platform last earned over $669,000 on May 15. cryptokoin.comAs you can follow from , there are frequent attacks on such platforms. It is not yet clear how much loss the platform has suffered in the current situation. However, the platform confirmed the attack. In this context, Pump.fun shared the following:
We are aware that Curve contracts have been compromised and we are investigating the matter. We increased the contracts so that the attacker could not withdraw any more funds. Currently TVL in the protocol is safe. We have stopped trading: you cannot buy or sell any coins at this time. Coins currently in the process of migrating to Raydium cannot be traded and will not migrate for an indefinite period of time.
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