Solana Theft Case by Former Pump.fun Developer

Bittime - Jarett Dunn, a former Pump.fun developer, pleaded guilty to charges of abuse of office to commit the Solana theft. He admitted to stealing around $2 million in SOL tokens from the Pump.fun platform.

Details of Solana Theft Case  

Solana Heist this occurred in May 2024, when Dunn used his position at Pump.fun to transfer an amount of 14,716 SOL to several random wallet addresses. This was done after Dunn managed to access Pump.fun's internal system.

Following the incident, some called it crypto's version of "Robin Hood" for attacking platforms that frequently engage in "pump-and-dump" schemes and various dubious promotional stunts.  

Also Read: Ethereum Fraud: South Korean Wacon CEO Arrested, Victims Are Elderly!

Will the Sanctions for This Solana Theft Case Be Lighter?

The judge handling the case stated that the crime was very serious, but because Dunn had pleaded guilty and had mental health problems, the final sentence could be lighter.

Dunn stated that he suffered from a mental disorder and did not fully realize that his actions were unlawful at the time of the incident. The decision hearing will be held next October.

Pump.fun: A Controversial Platform?

The case attracted widespread attention in the crypto community, especially due to Dunn's background working on a platform with a controversial reputation. Pump.fun has long been in the spotlight because of its involvement in a pump-and-dump scheme.

A pump and dump scheme is a condition where the price of an asset is pushed up artificially. It is then sold by the perpetrators at a large profit, but after that leaves the new investors with high losses.

Although Dunn claimed that his actions were carried out as a form of protest against the platform that “inadvertently harmed many people”, the loss the company suffered as a result of the theft reached approximately $2 million. 

In fact, the potential subsequent losses resulting from such actions could be as high as £10 million (approximately $12.8 million), although this figure has not been confirmed in detail in court.

Also Read: Crypto Theft: WazirX Trading Platform Lost Over $230 Million!

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over 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. 

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