Ongoing investigations reveal that Solana-based platform Pump.fun, which facilitates token launches, was exploited by flash loans to manipulate its correlation curve.
Gotbit Hedge Fund Putting a mark concerns on social media, saying: “Pumpfun may be under attack. This wallet 🙁SolScan link) buys all tokens on Pumpfun within minutes to fill the correlation curve to 100%. The radium list is stuck.”
The exploit was detailed by a user known as SOLCircle on social media platform These tokens were then used to purchase Pump.fun's meme tokens without actually paying, due to the nature of the transaction allowing the tokens to be held even if the loan conditions were not met.
SOLCircle described the situation: “What I was able to discover is that only one project has gone to Raydium so far and his portfolio is currently worth about 1,000 Sol ($157,000) and he has not sold it yet.”
Acceptance of the exploiter
User Stacc claimed responsibility for the incident in a social media post. He cited personal grievances, including the loss of his mother, as part of his motivation for the exploit. Experts are concerned about the potential impact of this exploit on the meme ecosystem within Solana, especially since Pump.fun is considered an important entity in this market.
“So this script sends the remaining balances of the correlation curves via pRNG to 1. slerf holders 2. stacc holders 3. saga holders 4. risklol holders. This airdrop of about 80 million may cause a Solana fork, and may cause a number Huge rich kids everywhere, but he's definitely stopping the evil here,” Stacc points out, explaining that the money generated from the exploit will be rewarded to select token and NFT holders in the Solana community.
The situation remains under close monitoring, as the cryptocurrency community and the Pump.fun team address the implications of this exploit.
