Former Pump.fun Employee Arrested Following $1.9 Million Crypto Exploit

By: Eva Baxter

Jarret Dunn, a former employee of Solana-based memecoin launchpad Pump.fun, is currently on bail in the United Kingdom following his recent arrest.

Dunn, also known by his online alias “STACCoverflow,” admitted to an attack that resulted in approximately $1.9 million in losses for the Solana platform on May 16. Pump.fun corroborated this, stating an ex-employee abused his position to withdraw funds and exploit the platform's systems. The company mentioned that a privileged position allowed the misuse of flash loans on a Solana lending protocol.

On May 18, Dunn revealed on social media that he spent the previous night in custody and was charged with stealing $2 million and conspiring to steal an additional $80 million. In his post, he urged users to withdraw their funds from the platform, highlighting that the company considered total value locked (TVL) as their money. Law enforcement tracked Dunn through his social media activity, leading to his arrest in London.

Post-release on bail, Dunn mentioned being in a hospital for mental health issues, rendering him unfit for a police interview. He is required to remain in the UK until August 16, when he must report back to the police station. Pump.fun has yet to respond to requests for comment.