Pump.fun, a Solana-based token launch platform, was exploited using flash loans, resulting in a loss of around $2 million in SOL.

The attacker used flash loans to manipulate the bonding curve for Pump.fun memecoins. In response, Pump.fun paused trading, updated contracts to prevent further exploitation and assured users that connected wallets and total value locked (TVL) are safe.

Wintermute Head of Research Igor Igamberdiev noted that 12,300 SOL were lost, possibly due to a private key compromise. A social media user named Stacc claimed responsibility for the exploit, linking it to personal grievances rather than financial gain, raising concerns about potential further disruptions in the memecoin space.

Pump.fun's platform aims to prevent token "rugs" by eliminating presales and team allocations, allowing users to mint new tokens for a small fee. Tokens are priced based on a bonding curve, and when a token reaches a $69,000 market cap, part of its liquidity is moved to Raydium, a decentralized exchange on Solana.

Despite the breach, Pump.fun recently saw high revenues, with an all-time daily high of $1.23 million on May 14 and over $669,000 on May 15. The project works with law enforcement and relevant parties to investigate the incident and ensure the platform's security.

LayerZero Has 100,000 Sybil Self Snitchers🪂

LayerZero Labs CEO Bryan Pellegrino revealed on X that up to 100,000 addresses have self-reported as sybils in the project's recent anti-sybil initiative.

LayerZero, the core contributor to the LayerZero interoperability protocol, introduced this self-reporting mechanism to combat sybil attacks, where individuals create multiple accounts to influence token airdrops unfairly.

Participants who self-reported were promised 15% of their intended token allocation. If they did not report, they would receive no allocation. The initiative saw significant participation, with 100,000 addresses reported.

Pellegrino highlighted the value of the collected data, stating it would be crucial in identifying other sybil attackers using similar methods and software. "A confirmed data set of 100,000+ is going to be extremely powerful in finding others either using the same software or similar methodologies," he noted.

LayerZero, which enables asset and data transfer across different blockchains, completed a snapshot on May 1 for potential airdrop distribution. The snapshot revealed that 6 million unique wallet addresses had interacted with LayerZero. To mitigate sybil attacks, LayerZero Labs incentivized sybil users to self-report within two weeks.

Roaring Kitty Returns For Memecoins?🐱

Keith Gill, known as “Roaring Kitty,” has re-entered the spotlight, reigniting interest in meme stocks.

Gill’s social media activity spurred a dramatic 100% spike in GameStop's stock on Monday, resulting in multiple trading halts due to volatility. Gill and the subreddit /WallStreetBets were pivotal during the 2021 meme stock surge, which saw massive stock increases like GameStop and AMC Entertainment.

Gill’s return has also boosted memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB), which are up 5.8% in the past 24 hours. The GMCI Meme Index, tracking the largest memecoins by market cap, rose 6.4%. Additionally, the GME meme token, mimicking GameStop’s ticker, surged over 1,200% with $70 million in trading volume.

The 2021 meme stock frenzy led to significant scrutiny from the SEC, New York, and Texas attorneys general, culminating in a U.S. Congressional hearing. Robinhood, heavily involved in the controversy, faced backlash for halting trading of certain stocks due to increased capital requirements from DTCC.

Robinhood, with crypto now a major part of its business, reported a 224% year-over-year increase in crypto trading volumes in Q1 2024. However, the SEC issued Robinhood a Wells Notice for alleged securities violations. CEO Vlad Tenev expressed disappointment over regulatory challenges but emphasized the company’s commitment to making crypto accessible to Americans.

Robinhood Solana Staking In Europe🇪🇺

Robinhood Crypto has expanded its offerings in Europe with the introduction of a Solana-staking product and a new customer rewards program.

Through the Robinhood app, European users can now stake their Solana holdings, enabling them to earn rewards while retaining the flexibility to unstake their assets at any time.

Additionally, new customers joining the platform can benefit from a 10% bonus on their net buys during their initial 30 days, with bonuses paid out in USDC stablecoins.

This move comes in response to feedback from European customers, who have expressed a desire for localized language support and opportunities to generate passive income through the platform. Johann Kerbrat, VP of Robinhood Crypto, highlighted the importance of meeting these demands by offering products that cater to the preferences of European users.

In the coming weeks, Robinhood plans to roll out localized versions of its app tailored specifically for users in Italy, Poland, and Lithuania, where the platform has already gained traction. These localized versions aim to enhance the user experience by providing support in local languages and offering features optimized for the needs of customers in these regions.

Overall, Robinhood's expansion efforts in Europe reflect its commitment to meeting the evolving demands of its user base and providing accessible and user-friendly investment opportunities across different markets.

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