Pump.fun has taken a strong stance against illicit activities on its platform by blocking a hacker linked to the recent Bybit exploit from laundering stolen funds through the launch of a memecoin. The hacker, who had already processed over $26 million in trading volume with a token named “QinShihuang (500000),” was flagged by the platform before further damage could be done.
Blockchain records reveal that the hacker, using the wallet address 5STkQy…95T7Cq, transferred 60 SOL to another wallet (9Gu8v6…aAdqWS), which then launched the QinShihuang token on Pump.fun. This move was likely intended to disguise the stolen funds and make them more difficult to trace by mixing them with memecoin trading.
The Bybit hack, one of the largest in cryptocurrency history, saw the theft of over 400,000 Ethereum (ETH), valued at approximately $1.5 billion, from the exchange’s cold wallet. Despite the scale of the attack, Bybit reassured its users that their funds were secure, thanks to its 1:1 reserve system. Withdrawals and trading continued without disruption, demonstrating the platform’s resilience in the face of the hack.
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