- Jarrett Dunn aka @STACCoverflow arrested in London for Solana memcoin exploit.
- Dunn used flash loans to govern pump.enjoyable, stealing $2 million in liquidity.
- Launched on bail, Dunn confessed on-line, citing psychological well being points and grief
The alleged mastermind behind the current pump.enjoyable exploit of Solana’s memecoin protocol, Jarrett Dunn, recognized on-line as @STACCoverflow, has been arrested in London.
The arrest adopted a posh 26-hour intelligence operation initiated by a 3rd get together that engaged a non-public intelligence agency to trace Dan’s actions.
Jarrett Dunn is arrested on the Center Eight Resort
The operation culminated within the morning of Might 18 when native operatives, or “assist providers”, pinpointed Dan’s location on the Center Eight Resort in Covent Backyard.
After a seven-hour search, British authorities detained Dan, who has since been launched on bail pending a court docket look in August.
Pump.enjoyable flash mortgage exploit
Dunn, a former contractor, is accused of utilizing the Solana-based pump.enjoyable protocol by utilizing flash loans from the Raydium lending platform.
Flash loans permit customers to borrow massive quantities of capital with out collateral, so long as the mortgage is repaid in the identical transaction.
Dunn is alleged to have manipulated pump.enjoyable’s communication curves to achieve entry and withdraw important liquidity, making a revenue of $2 million.
After the exploit, Dunn took to social media to confess his involvement. His messages on X (previously Twitter) revealed a combination of regret and defiance, hinting at a want to distribute the stolen funds to Solana (SOL) token holders.
Dunn additionally opened up about his psychological well being points and the current lack of his mom, suggesting that emotional stress performed a major function in his actions.
The exploit prompted pump.enjoyable to work intently with legislation enforcement to analyze the breach. Preliminary theories from Igor Igumberdiev, head of cryptocurrency market analysis at Wintermute, pointed to an inside personal key leak.
Dan’s erratic tweets have since confirmed his function, although the specifics of his proposed allocation of funds stay unclear.
Because the investigation continues, the cryptocurrency group is watching intently, ready for additional developments on this high-profile case.