Jarett Dunn, aka @STACCoverflow, arrested in London for Solana memecoin exploit.
Dunn used flash loans to control pump.enjoyable, stealing $2 million in liquidity.
Launched on bail, Dunn confessed on-line, citing psychological well being struggles and grief
The alleged orchestrator of the current Solana memecoin protocol pump.enjoyable exploit, Jarett Dunn, recognized on-line as @STACCoverflow, has been arrested in London.
The arrest follows a classy 26-hour intelligence operation spearheaded by a third-party stakeholder who had enlisted a non-public intelligence agency to trace Dunn’s actions.
Jarett Dunn arrested in Center Eight Lodge
The operation culminated within the early hours of Could 18 when native operatives, or “auxiliaries,” pinpointed Dunn’s location on the Center Eight Lodge in Covent Backyard.
After a seven-hour search, British authorities apprehended Dunn, who has since been launched on bail pending his court docket look in August.
The Pump.enjoyable flash mortgage exploit
Dunn, a former contractor, is accused of exploiting the Solana-based pump.enjoyable protocol by using flash loans from the Raydium lending platform.
Flash loans permit customers to borrow giant sums of capital with out collateral, supplied the mortgage is repaid throughout the similar transaction.
Dunn allegedly manipulated the pump.enjoyable bonding curves to entry and withdraw substantial liquidity, profiting $2 million within the course of.
Within the aftermath of the exploit, Dunn took to social media to admit his involvement. His posts on X (previously Twitter) revealed a mixture 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 struggles and the current lack of his mom, suggesting that emotional misery performed a major position in his actions.
The exploit has prompted pump.enjoyable to work intently with regulation enforcement to research the breach. Preliminary theories by Igor Igamberdiev, head of analysis at cryptocurrency market maker Wintermute, pointed to an inner non-public key leak.
Dunn’s erratic tweets have since confirmed his position, although the specifics of his proposed fund distribution stay unclear.
Because the investigation continues, the cryptocurrency group watches intently, awaiting additional developments on this high-profile case.
