Jarett Dunn, the alleged hacker behind the Pump Fun exploit, has been granted bail following his arrest in London. Dunn, known online as StaccOverflow, is accused of embezzling nearly $2 million from the Solana-based memecoin marketplace on May 16. However, in a surprising twist, Dunn does not plead his innocence.
Instead, he claims the real crime lies with Pump Fun itself.
Pump Fun: alleged robbery or Robin Hood act?
Pump pleasure aimed to capitalize on the memecoin craze sweeping the crypto world. However, the platform remained obscure until Dunn’s alleged hack thrust it into the spotlight.
Although details remain scant, Dunn, posting from another online account while in custody, says he plans to contest the charge (“argue with the crown” in his words) describing Pump Fun as the real criminal.
Interestingly, Dunn’s arrest follows his latest social media post about X, in which he revealed his identity in a subtle way. According to his own post on X and the intelligence company, Dunn was released on bail after his detention.
I’m once again without any of my 2fa for a little while. I spent the night in detention because the pump crew alleges I stole 2 million of their ill-gotten gains with a plot to steal another 80 million.
– free stacc (@jarettdunn) May 18, 2024
Dunn’s accusations paint a picture of a potentially fraudulent operation. He alleges that Pump Fun operated as a unregistered stock exchange or a gambling site, lacking a proper license. Additionally, it claims the platform failed to implement Know Your Customer (KYC) or anti-money laundering (AML) protocols, raising red flags regarding possible illegal activities.
Its demands go beyond financial regulation. Dunn alleges that Pump Fun is blacklisted in Saudi Arabia for operating as a casino and accuses them of misleading investors by presenting a minimal staff structure while potentially employing foreign workers.
The most shocking accusation involves insinuations of “child abuse intentions,” although Dunn offers no concrete evidence beyond the possibility of a subpoena for the Telegram communications.
The Wild West of crypto: hacks, refunds and legal battles
The legitimacy of Dunn’s claims remains to be examined. However, the case highlights the often murky ethical landscape surrounding crypto hacks.
Dunn is not the first hacker to challenge the status quo. In 2021, the infamous Poly Network hack resulted in the recovery of over $610 million in stolen funds. This incident suggested a hacker with a conscience, returning ill-gotten gains.
Unresolved questions and a troubled future
The Pump Fun hack case raises more questions than it answers. Will Dunn’s accusations carry any weight in court? What were his real motivations for the hack? Does its defense strategy represent a new frontier in crypto-crime, where hackers become self-appointed enforcers against perceived injustices within the system?
Featured image from humisec.be, chart from TradingView
