Solana Meme Coin Factory Pump.Fun Compromised by ‘Bonding Curve’ Exploit

The project’s Twitter account acknowledged two hours into the turmoil that the bonding curve contracts have been disrupted, and we are currently looking into the cause. Trading has been halted temporarily, meaning no coins can be bought or sold at this time.

As a crypto investor, I’ve noticed that trading on Pump.fun has temporarily come to a halt as per their recent announcement. Before this update, there was much uncertainty and conjecture amongst traders regarding the situation on the platform.

Details of the attack were still coming together at press time.

Based on sources involved in the initial investigation, an intruder employed a complex trading strategy to swamp Pump.fun and potentially manipulate the market for numerous meme coins. It’s unexpectedly revealed that the hacker did not amass substantial profits based on on-chain data. These individuals requested anonymity as the probing is ongoing.

Pump.fun is a relatively new initiative, launched just a few months ago, focusing on developing and trading meme coins on the Solana blockchain. The platform positions itself as a “fair launch” marketplace, offering investors an opportunity to invest in humorous cryptocurrencies right from their inception. Occasionally, these coins may experience significant price increases, bringing substantial returns for their investors. However, most of them tend to fail before reaching the symbolic $69,000 market cap beyond which tokens become publicly available.