A former employee of pump.fun, a memecoin creation platform, claims he was arrested in the United Kingdom and is now out on bail.
The exploiter, identified as Jarett Dunn, is alleged to have stolen $1.9 million from the platform.
Pump.fun accused Dunn of abusing his "privileged position" to gain "withdraw authority," compromising the platform's security measures.
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Dunn, under the X handle @STACCoverflow, admitted to executing the pump.fun exploit through a series of cryptic posts on May 16, citing his "horrible bosses" as the main reason.
In a thread on a different X account on May 18, he claimed he faced charges for “theft from employer” involving $2 million and conspiracy to steal an additional $80 million.
Dunn stated he spent the night in custody but has since been released on bail and placed under mental health supervision.
Currently, Dunn is reportedly in a hospital, using an iPad issued by the facility to communicate. He mentioned that his mental health condition is under evaluation, making him potentially unfit for police interviews. Any formal questioning is expected to occur after his bail period if he is deemed fit.
Being a Canadian citizen, Dunn revealed that his local embassy had contacted his family with a list of legal representatives. However, he noted that he has limited communication with his family until he retrieves his confiscated devices, two of which have been seized.
Despite the charges, Dunn stated he still possesses his passport and has not been restricted from leaving the UK; however, he must report back to the police on August 16.
This unfolding case highlights critical security concerns for pump.fun and broader implications for the crypto industry.
In other news, the US Department of Justice has announced arresting two suspects for allegedly orchestrating a $73 million crypto laundering scheme.
