false

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.”

Dunn’s arrest

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.

The post Former Solana-based Pump.fun employee arrested after $1.9 million crypto exploit appeared first on CryptoSlate.