Flash Loan Exploit Halts Trading on Solana-Based DeFi Memecoin Platform

By: Isha Das

Trading on the Solana-based DeFi memecoin platform, Pump.fun, was brought to a halt following a significant breach. An exploiter allegedly used flash loans to manipulate the platform's bonding curve contracts. The exploit resulted in a loss of around 12,000 SOL, approximately $2 million. Pump.fun responded quickly, halting all trading activities and upgrading the contracts to prevent the attacker from siphing more funds.Source

An account under the pseudonym STACCoveflow claimed responsibility for the attack, hinting at a larger motive and suggesting a course-changing action. The attacker suggested that the remaining funds would be redistributed to the existing user accounts of certain tokens. The method of execution remains unclear and the redistribution is yet to be confirmed.

Speculations suggest that the STACCoveflow account belongs to a doxed developer who previously worked on Pump.fun. There were reports of the stolen SOL being airdropped to holders of four different coins. However, these reports have yet to be verified.Source