Breaking News: UK Authorities Arrest and Bail Alleged Exploiter Behind ‘Pump and Fun’ Scheme
Description:
The former employee of memecoin creation and trading platform pump.fun — who is alleged to have carried out a recent $1.9 million exploit — claims he was arrested, charged and is now on bail in the United Kingdom. On May 16, the user “STACCoverflow” — who had posted and confirmed their name is Jarett Dunn — claimed responsibility for the attack which pump.fun alleges used a “privileged position” to access a “withdraw authority” and compromise the protocol’s systems. In a series of May 18 posts on a different account, Dunn claimed he “spent overnight in custody as the pump team alleges I stole [$2 million]” and conspired to steal an additional $80 million, adding he was “released on bail and mental health sectioned.” Dunn added he is now being kept in a hospital and is posting from an iPad. He added his mental health “was taken into question and I am likely unfit for police interview” and that could happen after his bail if he is fit for questioning. Dunn, a Canadian national, said the local embassy emailed his family “a list of lawyers” but added he is “not able to communicate with them” until he recovers his devices of which “2/5 are seized,” he claimed. He said he still had his passport and authorities did not caution him that he was not allowed to leave the country. Related: Notorious Pink Drainer retires after hitting $85M theft milestone In a message to another user, The Rollup, Dunn reportedly said he must return to a police station on Aug. 15. The account also claims a private intelligence company was hired to find Dunn in London. In another post, Dunn rallied for U.K. citizens to file charges against a locally-based company he claimed was a pump.fun entity and said his bail conditions disallow him from communicating with the firm and its CEO. Pump.fun did not respond to a request for comment.
Effect on Me:
My awareness of potential exploitation in the crypto industry has been heightened. It is essential to be cautious and vigilant when dealing with memecoin platforms to protect myself and my investments.
Effect on the World:
This incident sheds light on the vulnerabilities within the cryptocurrency market and emphasizes the need for stricter regulations and oversight to prevent fraudulent activities that can impact global financial systems.
Conclusion:
It is crucial to stay informed and cautious when engaging with the cryptocurrency market to avoid falling victim to exploitation. This recent arrest serves as a reminder of the importance of due diligence and responsible investment practices in the evolving landscape of digital assets.
