A former employee behind the $2 million Pump.fun exploit is demanding $100,000 payments for each contributor, excluding founders, and is threatening to destroy the stolen funds if his demands are not met.
An attacker who targeted Pump.fun, a Solana-based platform for launching memecoins, is insisting that the management team distribute $100,000 to each contributor. If not, the attacker, known as “Stacc,” has threatened to burn the stolen funds.
On May 17, Stacc posted on X (formerly Twitter) expressing his intention to destroy the stolen tokens if the Pump.fun team does not pay $100,000 to “every non-founder who has contributed to Pump.fun at any point.”
While the identities of these contributors have not been revealed, Stacc claims that at least seven people deserve these payments. However, Stacc did not provide details about how or when these payments should be made. As of now, the Pump.fun team has not made any public comments on the situation.
According to a detailed report by Pump.fun, a former employee took advantage of their position to steal over 12,000 SOL tokens, worth about $2 million, by manipulating the project’s smart contracts. The Pump.fun team has promised to compensate affected users and is offering zero trading fees for the next seven days.
Summary Review: The Pump.fun exploit highlights significant internal vulnerabilities and raises questions about the security and management of crypto projects. The demand by the attacker, Stacc, for $100,000 payments to each non-founder contributor, coupled with the threat to burn the stolen funds, puts additional pressure on the Pump.fun management team. This situation underscores the importance of robust security measures and transparent management practices in the rapidly evolving world of cryptocurrency. As the Pump.fun team works to address the fallout, including compensating affected users and waiving trading fees, the broader crypto community will be watching closely to see how they handle this crisis.
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