Blockworks reports that British authorities detained Jarett Dunn, also recognized as @STACCoverflow online, in the early hours of May 18, as per informed sources.
Reportedly, the arrest followed a thorough 26-hour intelligence mission orchestrated by a third-party entity, which engaged a private intelligence firm. This operation utilized social media content and publicly accessible data to trace Dunn’s location in London.
According to reports, local operatives, also referred to as “auxiliaries,” were deployed in a large-scale search that ultimately led them to the Middle Eight Hotel in Covent Garden. Dunn was discovered in a hotel room and apprehended seven hours later.
Coincidentally, the timing of his arrest aligned with his final social media update on X, where he subtly hinted at his identity using the username @STACCoverflow, a clever fusion of the French term “j’arrête” (meaning “I’m done“) and his actual name, Jarett.
Following his arrest, Dunn was released on bail, as stated in his own post on X and confirmed by the intelligence firm.
It is anticipated that he will stay in the UK until his court appearance, purportedly scheduled for August.
On May 16, the pump.fun platform, designed to streamline token launches on the Solana (SOL) network, was breached, resulting in a loss of more than 12,300 SOL, valued at around $2 million at that time.
The perpetrator employed flash loans from Raydium, a Solana lending protocol, to execute the exploit. Flash loans are decentralized finance (DeFi) instruments enabling users to borrow substantial sums of capital.
In this instance, the attacker manipulated the pump.fun bonding curves, which are mechanisms determining token prices based on supply.
Upon reaching 100% on these curves, the hacker gained access to and withdrew liquidity designated for Raydium, subsequently repaying the flash loan and departing with significant profits.
After the incident, pump.fun initiated collaboration with law enforcement to probe the breach.
Igor Igamberdiev, the head of research at cryptocurrency market maker Wintermute, was among the initial voices to propose that a leak of internal private keys could have facilitated the hack. Later, Dunn, using the alias @STACCoverflow, confessed to his involvement in the exploit through a series of erratic tweets. In these posts, he expressed a desire to “change the course of history” and openly discussed his mental health challenges and grief over his mother’s passing.
He also claimed that the stolen funds would be distributed among holders of different Solana tokens.
Dunn’s posts suggested that at least seven individuals were eligible for these payouts, yet he did not offer details regarding the distribution process or any deadlines.
His communications also hinted at a motive primarily fueled by emotional distress rather than financial gain.
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