Jarett Dunn, a former employee turned hacker, has been arrested in connection with a recent $1.9 million exploit that took place on the Solana-based memecoin marketplace Pump Fun. Reports claim that the bad actor was nabbed in London but was later released on bail.
In a shocking turn of events, however, Dunn has taken to the social media platform X to share some surprising information about the platform he once was affiliated with.
The Twist in the Pump Fun Hack
Pump Fun was originally designed to capitalize on the memecoin craze within the Solana network. However, its entry into the spotlight on May 16 was a little off of what the team expected. Dunn successfully drained nearly $2 million from its marketplace, with the attack leading to a swift investigation by the Pump Fun team. The investigative efforts paid off, and Dunn was identified as the perpetrator and subsequently arrested.
There's no Call To Action with the ID #3.Confirming the arrest, Dunn shared via his X account StaccOverflow that he spent a night in custody. However, he also noted that he would be challenging the legality of Pump Fun’s operations. Notably, Dunn’s posts, which were filled with polls and allegations, paint a troubling picture of the platform.
Among his accusations is that Pump Fun functions as an unregistered securities exchange or gambling site that operates without authorization. He further alleges that the platform does not care for Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and has supposedly been blacklisted by Saudi Arabia for being a casino.
Additionally, Dunn claims that the Pump Fun team does not have the interest of users at heart. That is not to mention that the platform also engages in dubious hiring practices, he noted.
The last part of the string of accusations suggests that the platform may also be embroiled in child abuse cases. About the child abuse allegation, Dunn threatened to subpoena Telegram for evidence if the need ever arises.
There's no Call To Action with the ID #3.Peculiarities of Crypto Scams
Dunn’s claims remain largely unverified, yet they highlight the complexities that surround cryptocurrency exploits. For what it’s worth, his threats of exposing Pump Fun’s alleged misdeeds are notably unusual. That is because most high-profile crypto hacks usually end with the attackers returning some part, if not all, of the stolen funds. A prime example of that is when the Poly Network hacker refunded over $610 million from a massive breach in 2021.
Other times, crypto hacks do not end so amicably. For instance, Avraham “Avi” Eisenberg was recently convicted for fraud. That is, after stealing $110 million from Mango Markets. Although, like Dunn, Eisenberg attempted to justify his actions, the long arm of the law later caught up with him.
