Pump.fun Recovers After Massive Exploit But Struggles Remain

By: Eliza Bennet

Solana-based platform Pump.fun recently recovered from a significant $2 million exploit. Despite the breach, which left the crypto community with many questions, some tokens are still in limbo while others have recovered.

Pump.fun, designed to prevent scams by ensuring token security, uses bonding curve contracts. On Thursday, a hacker exploited these contracts, prompting the platform to halt trading and upgrade its security. The attacker, a former employee, misappropriated funds using private keys, accessing $1.9 million out of $45 million in liquidity.

Community members initially speculated that up to $80 million was stolen. However, the platform assured users that their total value locked (TVL) remains safe. In an effort to compensate affected users, Pump.fun is providing liquidity and offering 0% trading fees for the next seven days.