- Jarett Dunn, aka @STACCoverflow, arrested in London for abusing the Solana memecoin.
- Dunn used payday loans to control pump.enjoyable and stole $2 million in liquidity.
- Dunn was launched on bail and confessed on-line, citing psychological well being points and grief
The alleged orchestrator of the current exploit of Solana's pump.enjoyable memecoin protocol, Jarett Dunn, identified on-line as @STACCoverflow, has been arrested in London.
The arrest follows a classy 26-hour intelligence operation led by an third occasion that employed a personal intelligence agency to observe Dunn's actions.
Jarett Dunn arrested on the Center Eight Resort
The operation culminated within the early hours of 18 Might when native operatives, or “helpers”, pinpointed Dunn's location on the Center Eight Resort in Covent Backyard.
After a seven-hour manhunt, British authorities arrested Dunn, who has since been launched on bail pending a courtroom look in August.
Use the Pump.enjoyable flash mortgage
Dunn, a former contractor, is accused of abusing the Solana-based pump.enjoyable protocol utilizing flash loans from lending platform Raydium.
Flash loans permit customers to borrow giant quantities of capital with out collateral, offered the mortgage is repaid inside the similar transaction.
Dunn allegedly manipulated pump.enjoyable's compounding curves to acquire and withdraw vital liquidity, making $2 million within the course of.
After the assault, Dunn took to social media to confess his involvement. His posts on X (previously Twitter) revealed a mix of regret and defiance, indicating a need to distribute 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 misery performed a big function in his actions.
This abuse prompted pump.enjoyable to work carefully with legislation enforcement authorities to analyze the breach. Preliminary theories by Igor Igamberdiev, head of analysis at cryptocurrency market maker Wintermute, pointed to an inner leak of the non-public key.
Dunn's erratic tweets have since confirmed his function, although the specifics of his proposed distribution of funds stay unclear.
Because the investigation continues, the cryptocurrency neighborhood is watching carefully and awaiting additional developments on this high-profile case.
