In May 2024, disgruntled employee Jarett Dunn drained $2 million from Pump.fun, leading to his arrest and guilty plea for fraud. The platform faced regulatory scrutiny, prompting it to block UK users, while it continues to evolve amid competition, recently introducing free coin creation and incentivizing creators. Despite setbacks, including the removal of a controversial livestreaming feature, Pump.fun remains a key player in the meme coin market, having birthed several viral tokens.
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0 posts last weekPump.fun Attacker Jarett Dunn Seeks to Withdraw Guilty Plea Before Trial
Jarett Dunn, known as Stacc, is seeking to withdraw his guilty plea related to a $2 million attack on the Solana-based platform Pump.fun, claiming his initial legal team advised against the move. Despite facing potential increased prison time, he remains hopeful and is actively seeking new representation ahead of a trial that could involve multiple witnesses. Dunn’s actions during the attack garnered mixed reactions, with some labeling him as crypto’s Robin Hood, while he openly discussed his mental health struggles and the surreal nature of his legal situation.
read moreDeclining Interest in Solana Meme Coins Amid Pump Fun Controversies
The Solana meme coin ecosystem is experiencing a significant decline in interest, as evidenced by a drop in new addresses on the Pump.fun platform, from 212,699 to just 33,333 in a week. This downturn is attributed to the platform’s reputation for facilitating scams and the oversaturation of meme coins, making trading less profitable. Despite calls for stricter measures to combat rug pulls, Pump.fun continues to generate substantial revenue, raising concerns among traders about the platform’s impact on the community.
read morePump.fun Attacker Pleads Guilty as Court Considers Mental Health Factors
Jarett Dunn, also known as Stacc, pleaded guilty to fraud and transfer of criminal property after stealing approximately $2 million from the Solana meme coin platform Pump.fun. The court heard that Dunn, an employee at the company, abused his position to transfer 14,716 SOL, leading to significant financial losses for the platform. Facing a potential minimum sentence of seven years, Dunn expressed concerns about his survival in prison but remained optimistic about his mental health recovery.
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