Solana Memecoin Deployer Pump.fun Says Ex-Employee Caused $1.9M Exploit

There have not been many reports in the crypto industry regarding a former employee hacking into his ex-workplace's system. (Credit: TheDigitalArtist/Pixabay)

KEY POINTS

• Earlier social media reports said the total losses were around $80 million
• Pump.fun clarified that $1.9 million was lost and contracts remained safe
• The development team said an ex-employee gained access to the "withdraw authority"

Pump.fun, a memecoin factory on the Solana blockchain, was exploited for nearly $2 million Thursday after a hacker broke into the memecoin deployer's system and carried out flash loan attacks.