The memecoin space has been rocked today as the popular memecoin site Pump.fun was compromised from the inside by a developer known as "Stacc."

Who's the Real Villain?

Is Pump.fun a nefarious organization taking advantage of thousands of memecoin enthusiasts, or is Stacc's act a malicious revenge plot? The answer remains to be seen. Those close to Stacc describe his actions as an act of altruism, seeking to expose Pump.fun as a bad actor in the space. He saw something he didn't like on the inside and is now being hailed by some as a martyr for the cause.

The Mechanics of the Hack

According to speculation, Stacc exploited Pump.fun by buying up all the tokens of new projects launched on the platform within minutes, using borrowed funds from flash loans to fill token bonding curves simultaneously. This overwhelmed the platform, leading to a breakdown in its functionality. The attacker appears to be using flash loans from MarginFi to get Solana and buy up the Pump.fun tokens without actually using their own SOL. By quickly bonding out the token supplies to 100%, the attacker is preventing the tokens from getting listed on the Raydium DEX as intended. Raydium listings are getting stuck.

Altruism or Revenge?

Speculation is that Stacc was using margin finance as a way to take out flash loans and created a script to mass buy everything on Pump.fun with a bonding curve available, instantly sending everything to Raydium.

In a dramatic twist, Stacc tweeted just after the hack: "And now; Magick: everybody be cool, this is a r o b b e r y. What it do, staccattack? I'm about to change the course of history. n then rot in jail. am I sane? nah. am I well? v much not. do I want for anything? my mom raised from the dead n barring that: /x."

The Uncertain Future

This bold move has set the memecoin world ablaze. Whether seen as a hero or villain, Stacc has undeniably left his mark on the industry. The future of Pump.fun and the broader Solana ecosystem remains uncertain, but one thing is for sure: today will etched into memecoin history.

The memecoin community is left questioning: Is Stacc the righteous whistleblower exposing a corrupt platform, or is he simply enacting a personal vendetta? The truth may unfold in time, but until then, the debate rages on.