Bittime - After a shocking security incident where private keys were leaked, Pump.fun is back in the public eye. Despite this, the team has taken measures to protect user assets and continue trading with 0% fees. This article describes the sequence of events and actions taken to keep users safe.
Pump.fun, one of the crypto trading platforms that has attracted many market players, is back in the public eye after a shocking security incident. Many people are questioning the power of the platform after the shocking private key leak.
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Pump.fun Private Key Leak Chronology
A former employee at 15:21 UTC used flash loans based on Solana's lending protocol for unscrupulous purposes, using their privileged position in the company to exploit withdrawal authority.
They borrow SOL, then use that SOL to buy as many coins as possible until each coin reaches 100% of its bond curve. Once they reach 100%, they get access to bond curve liquidity and repay the flash loan.
But all trading on pump.fun was stopped at 17:00 UTC. This action impacts only approximately $1.9 million of the total $45 million of liquidity in the bond curve contracts.
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Pump.fun Returns to Operations to Secure Memecoin
The Pump.fun team again took over the contract. Users can safely mint coins, buy and sell them over the next seven days as trades will go live again with 0% trading fees.
Coins that reach 100% between 15:21 and 17:00 UTC are in limbo, so no one can trade them until LP is issued for them on Raydium.
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Pump.fun Plans to Resume Trading
To ensure that users remain intact, the pump.fun team will seed the LP for each impacted coin with an amount of SOL liquidity equal to or greater than that coin had at 15:21 UTC in the next 24 hours.
Pump.fun's goal is to continue trading these coins in a safe and organized manner, so asks users to be patient. They have worked closely with the most respected security personnel in the industry to mitigate the impact of this situation.
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.
Read more:
Pump.fun Targeted by Flash Loan Attack
XLink Hacking Scandal: Billions of Rupiah in Funds Missing! What is the fate of your assets?
Huobi HTX Ready to Launch PUMP (Big Pump) on March 26, Are You Ready?
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.
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