- Jarett Dunn, aka @STACCoverflow, arrested in London for Solana memecoin exploit.
- Dunn used flash loans to govern pump.a laugh, stealing $2 million in liquidity.
- Launched on bail, Dunn confessed on-line, bringing up psychological well being struggles and grief
The alleged orchestrator of the hot Solana memecoin protocol pump.a laugh exploit, Jarett Dunn, recognized on-line as @STACCoverflow, has been arrested in London.
The arrest follows an advanced 26-hour intelligence operation spearheaded by way of a third-party stakeholder who had enlisted a non-public intelligence company to trace Dunn’s actions.
Jarett Dunn arrested in Center 8 Resort
The operation culminated within the early hours of Would possibly 18 when native operatives, or “auxiliaries,” pinpointed Dunn’s location on the Center 8 Resort in Covent Lawn.
After a seven-hour seek, British government apprehended Dunn, who has since been launched on bail pending his courtroom look in August.
The Pump.a laugh flash mortgage exploit
Dunn, a former contractor, is accused of exploiting the Solana-based pump.a laugh protocol through the use of flash loans from the Raydium lending platform.
Flash loans permit customers to borrow huge sums of capital with out collateral, equipped the mortgage is repaid inside of the similar transaction.
Dunn allegedly manipulated the pump.a laugh bonding curves to get right of entry to and withdraw really extensive liquidity, profiting $2 million within the procedure.
Within the aftermath of the exploit, Dunn took to social media to admit his involvement. His posts on X (previously Twitter) published a mixture of regret and defiance, hinting at a want to distribute the stolen finances to Solana (SOL) token holders.
Dunn additionally unfolded about his psychological well being struggles and the hot lack of his mom, suggesting that emotional misery performed a vital function in his movements.
The exploit has triggered pump.a laugh to paintings carefully with legislation enforcement to analyze the breach. Preliminary theories by way of Igor Igamberdiev, head of study at cryptocurrency marketplace maker Wintermute, pointed to an interior non-public key leak.
Dunn’s erratic tweets have since showed his function, although the specifics of his proposed fund distribution stay unclear.
Because the investigation continues, the cryptocurrency neighborhood watches carefully, waiting for additional tendencies on this high-profile case.