Pump.fun halts trading after suffering flash loan exploit
Solana-based DeFi memecoin platform Pump.fun suffered a significant breach on May 16, with an exploiter reportedly using flash loans to manipulate the platform’s bonding curve contracts. The platform has since paused all trading activities and upgraded the contracts to prevent further fund siphoning. The exploit is estimated to have resulted in a loss of at least 12,000 SOL, equivalent to roughly $2 million. An account identified as STACCoveflow claimed responsibility for the attack, hinting at a larger motive and implying plans to redistribute the stolen funds to certain token users. The exact method used for the attack remains unclear. The account is allegedly linked to a developer who previously worked on Pump.fun. Claims that the stolen SOL was airdropped to holders of four different coins have not been verified.
