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- 🚀 Gate Fun Chinese Meme Fever Keeps Rising!
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Former Pump.fun programmer pleads guilty to embezzling 2 million USD, awaiting sentencing.
Former senior developer of Pump.fun, Jarett Dunn, has officially pleaded guilty to fraud and money laundering after withdrawing approximately 2 million USD in Solana from this meme coin launchpad platform. Dunn is currently in custody in London, awaiting sentencing after violating bail conditions two months ago.
The incident occurred in the context of Pump.fun regaining its dominant position, accounting for 77% of the Solana tokens created through the launchpad and generating over 2.28 million USD in revenue on Wednesday — the highest level in 5 months. The tokens created on the platform also increased by 8% on the day.
According to court records, the case could be classified as 1A with a starting penalty of 7 years in prison, due to damages that could amount to 12.8 million USD, including loss of reputation and revenue. Dunn sent the entire stolen amount to random wallets, making recovery nearly impossible.