Investigations are ongoing into an exploit affecting the Solana-based platform Pump.fun, which is utilized for token launches. This exploit involves the use of flash loans to manipulate Pump.fun’s bonding curve.
Concerns were raised by the Gotbit Hedge Fund on social media, suggesting that Pump.fun may be under attack. The fund mentioned a specific wallet (Solscan link) rapidly buying all tokens on Pump.fun, causing the bonding curve to reach 100%. This situation has led to issues with the Raydium listing.
The exploit was brought to light by a user named SOLCircle on the social media platform X. The individual behind the exploit, identified by the pseudonym Stacc, reportedly utilized a crypto loan service to borrow a substantial amount of Solana (SOL) tokens. These tokens were then used to purchase Pump.fun’s meme coins without making actual payments, taking advantage of the transaction’s nature that allows tokens to be retained even when loan terms are not fulfilled.
SOLCircle provided insight into the situation, explaining, “From what I’ve gathered, only one project has been listed on Raydium thus far, and the holdings associated with it are currently valued at around 1,000 SOL ($157,000). The individual has not sold any of these holdings yet.”
Admission by the Exploiter
Stacc, the user responsible for the incident, admitted to his role in a social media post. He mentioned personal grievances, including the loss of his mother, as a driving factor behind the exploit. Experts are expressing concerns about how this exploit could impact Solana’s meme coin ecosystem, particularly given Pump.fun’s significant presence in this market.
In the post, Stacc explained, “This script is now sending the remaining balances of bonding curves to specific token and NFT holders in the Solana community, including slerf, stacc, saga, and risklol holders. This approximately 80 million-token airdrop might lead to a Solana fork and upset wealthy individuals, but it effectively halts the exploitation.”
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