Pump.fun Targeted by Flash Loan Attack

Bittime - DeFi industry has been rocked by cyberattacks again. Pump.fun, a Solana token generation platform, was the target of a flash loan attack that cost users around $1.9 million. Here's a chronology of the hack and actions taken by Pump.fun to address the issue.

Pump.fun Hack Attack Chronology

Based on data from SOL Scan, hackers suspected of using the @satcc account launched a flash loan attack to drain funds at Pump.fun. This attack was allegedly carried out by a former Pump.fun employee who abused internal access to withdraw funds. 

Then, the perpetrator used another account, @STACCoverflow, claiming that his action was carried out to stop evil and clean the platform from irresponsible parties.

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Pump.fun Response after Hack

The Pump.fun team moved quickly to address this attack. They have updated the platform contract to prevent further theft of funds.

Additionally, Pump.fun has temporarily suspended trading activities to ensure user safety.

To protect users, Bonkbot, a bot trading platform, also took quick steps to temporarily suspend transactions on Pump.fun.

Pump.fun Efforts to Recover Losses 

Pump.fun states their commitment to protecting users and minimizing losses from attacks. Some of the recovery steps Pump.fun took include:

• Redeployment of Contract: Pump.fun has redeployed the platform contract with 0% transaction fees for the next 7 days. This allows users to create new tokens and carry out normal trading activities.
• Liquidity Injection: For tokens that reach 100% at a certain period during the attack, Pump.fun will inject liquidity into those tokens on Raydium. The amount of liquidity injected will be equal to or greater than the value of the token at the time of the attack.
• Cooperation with Law Enforcement: Pump.fun is working with authorities to investigate this attack and bring the perpetrators to justice.

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Pump.fun Fast Action 

Despite experiencing a cyberattack, Pump.fun moved quickly to secure the platform and minimize user losses.

The recovery steps taken by Pump.fun, such as contract redeployment, liquidity adjustments, and cooperation with law enforcement, demonstrate their commitment to building a safe and trustworthy platform.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

What is Phishing and How to Protect Crypto Assets from Phishing

Get to know about Phone Phishing and Steps to Prevent it

What is Spear Phishing and How to Avoid It

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.