Jarett Dunn, the former Senior developer at Pump(dot), has been jailed in London for breaching bail conditions. He was also facing trial for allegedly looting $2 million from the memecoin launchpad in May last year.
Dunn, a Canadian resident who primarily pleaded guilty to fraud charges, is now trying to withdraw his plea and face at least seven years in jail.
The action came following Pump(dot)Fun’s immense success in the memecoin market and has reportedly generated millions in profit.
In May 2024, when Dunn was on his six-week brief at Pump(dot)Fun, he exploited his access to private keys to wipe out funds from bonding curve contracts.
The Solana tokens that Dunn took out were intended to get transferred to Raydium, but instead were moved to unrelated wallet addresses.
Soon after this fund wipeout, Dunn took the responsibility for writing in his X post, “ And now, Magick: everybody be cool, this is a robbery. What it do, staccattack? I’m about to change the course of history. Then rot in jail. Am I sane? nah. am I well? v much not. do I want for anything? my mom raised from the dead n barring that.”
Hacks are troubling the crypto market on the verge
It is said that the use of flash loans enabled the bad actor to borrow and move large sums within single transactions, exploiting the platform’s infrastructure. After the incident, Dunn was reportedly arrested in London.
Over the past few years, hacks and related activities have continued to plague the crypto sector, and each year, the market loses over $1 billion due to such illicit activities.
However, despite losing its former senior developer, Pump(dot)Fun managed to follow the developmental path and has most recently launched an ICO, attracting dozens of investors.
A quick overview of the Pump token
According to the data from CoinMarketCap, Pump token $0.004269 with a loss of 15.01% in the past 24 hours, at the same time its market capitalization was $1.52 billion with a decline of 15.58%.
In the past 24 hours, the Pump token traded at its lowest at $0.003839 and highest at $0.004927; however, since its launch, it has traded at its highest at $ 0.01214. In the weekly time frame, the prices of the token fell by more than 31%. The pair USDC/PUMP is one of the highest-traded pairs, followed by Pump/USDT.
The total volume of Pump(dot)Fun token is $982.39 million with a loss of 16.28%. The total volume consisted of $877,714,225 from centralized exchanges and $107,074,690 from decentralized exchanges.
