Jarett Dunn, a former senior developer at Pump.fun, has pleaded guilty to fraud by abuse of position and transfer of criminal property, admitting to draining approximately $2 million worth of Solana from the platform. After breaking bail conditions, Dunn was incarcerated in London, where he reaffirmed his guilty plea. His actions led to significant financial damage to Pump.fun, with losses potentially exceeding $12.8 million due to halted trading and reputational harm. Dunn faces sentencing soon, with estimates suggesting a possible starting sentence of seven years, while also contending with a history of mental health issues and substance abuse which may affect his sentencing. Meanwhile, Pump.fun has regained its competitive edge in the market, capturing a substantial share and benefiting from a recent increase in token creation and revenue generation. The outcome of Dunn's sentencing could have implications for the future of the platform as it continues to thrive despite past challenges.

Source 🔗