If you missed the initial details of this unfolding story, get caught up here.
Pump.fun, renowned for its innovative "fair launch" SOL coin deployments on the Solana blockchain, has been hit by a serious security breach confirmed to be an insider job. This revelation has shed light on significant internal vulnerabilities, prompting a swift response from the platform.
The breach was executed by a former employee who exploited their access to manipulate the system using flash loans. This enabled them to purchase and max out the bonding curves of certain coins without actually providing the required SOL, subsequently draining the liquidity meant for Raydium listings.
Pump.fun has taken proactive steps to rectify the situation and reassure its user base. The platform is now live again, allowing users to launch new coins and trade any coin that did not reach 100% during the breach. For coins that were fully funded during the breach, trading is still halted. These coins will go live on Raydium with "an equal or greater amount of SOL liquidity" and the company anticipates this will happen within the next 24 hours.
In a further effort to compensate the community for the inconvenience and foster a return to normal trading activities, Pump.fun has eliminated trading fees for the next seven days.
As Pump.fun works through these recovery efforts, the steps taken in the post-breach era will be closely watched with the hopes that such vulnerabilities have been adequately addressed to prevent future incidents.
For the complete details directly from the source, read the full statement from Pump.fun here.
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