Jarret Dunn, a former employee of Solana-based memecoin launchpad Pump.fun, is currently on bail in the United Kingdom following his recent arrest.Dunn, also known by his online alias “STACCoverflow,” was apprehended shortly after a significant exploit on the crypto launchpad platform.On May 16, Dunn, through the STACCoverflow social media account, admitted to an attack that resulted in approximately $1.9 million in losses for the Solana platform.Pump.fun corroborated this, saying an ex-employee abused his position to withdraw funds and exploit the platform’s systems. It stated:“At 15:21 UTC, a former employee, having illegitimately taken access of the withdraw authority using their privileged position at the company, used flash loans on a Solana lending protocol.”On May 18, Dunn tweeted that he had spent the previous night in custody. He revealed that Pump.fun charged him with stealing $2 million and conspiring to steal an additional $80 million.In his tweet, Dunn highlighted that the company considered the total value locked (TVL) as their money in the charges against him. He urged users to withdraw their funds from the platform and disclosed that Baton Corp is the corporate entity behind Pump.fun.Reports indicate that law enforcement tracked Dunn using his social media activity. His recent Instagram post places him in London, and the timing of his posts on his STACCoverflow account coincided with his arrest.Following his release on bail, Dunn mentioned that he is currently in a hospital addressing mental health issues, which may render him unfit for a police interview. Despite this, he is required to stay in the United Kingdom until August 16, when he must report back to the police station.Pump.fun has yet to respond to CryptoSlate’s request for comment.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Stay ahead in the crypto game: Follow us on X for daily updates and analysis.The judge eyes severe penalties and custodial sentences for Wright in the COPA case.Binance and other companies do not oppose certification of the case under the UK’s collective proceedings regime, which will bring the case to trial.Several spot Bitcoin ETPs are expected to launch on May 28 including CoinShares and ETC Group.Judge Mellor issued a lengthy 231 page judgment on Dr. Craig Wright’s fraud today, categorically refuting his claim to be Satoshi.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Solana’s established dominance tested by Base’s impressive user and transaction surge.Solana’s validators MEV earnings have outsripped that of the Ethereum blockchain.Launched just over a week ago on the Solana blockchain, the MOTHER token has already reached a market capitalization of $186 million.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
