Solana memecoin protocol pump.fun exploitation major caught in London
Jarett Dunn, aka @STACCoverflow, was caught exploiting Solana memecoin in London. Dunn used a flash loan to take over pump.fun, stealing $2 million in cash. Dunn, who was released on bail, confessed online, citing mental health struggles and grief
Recently, the alleged orchestrator of Solana's memecoin protocol pump.fun exploit, Jarrett Dunn, known online as @STACCoverflow, was arrested in London.
The arrest was a sophisticated 26-hour surveillance operation led by a third-party stakeholder, enlisting a private intelligence agency to monitor Forest's activities.
Jarrett Dunn was arrested in the Middle Eight Hotel.
The operation was completed in the early hours of May 18, when local operatives or “assistants” pinpointed Dunne's location at the Middle Eight Hotel in Covent Garden.
After a seven-hour manhunt, British authorities arrested Dunn, who was released on bail pending a court appearance in August.
Pump.fun flash loan exploitation
Dunn, a former contractor, has been accused of exploiting the Solana-based pump.fun protocol using flash loans from the Radium lending platform.
Flash loans allow users to borrow large amounts of capital as long as the loan is repaid in the same transaction.
Dunn allegedly used the pump to find funky hookups and shell out huge sums of money, making a $2 million profit in the process.
After the exploit, Dunne took to social media to confess his involvement. His posts on X (formerly Twitter) showed a mixture of remorse and denial, expressing his desire to distribute the stolen funds to Solana (SOL) token holders.
Dunn spoke about his struggles with mental health and the recent loss of his mother, suggesting that emotional stress played a role in his actions.
The exploit prompted Pump.fun to work closely with law enforcement to investigate the breach. The first theories were suggested by Igor Igamberdiev, head of research at cryptocurrency market organizer Wintermute, internal private key leak.
Dunn's errant tweets have since confirmed his role, although the specifics of his planned payout remain unclear.
As the investigation continues, the cryptocurrency community will be watching closely, awaiting further developments in this high-profile case.
