Stacc's Guilty Plea: $2M Solana Heist

Former Pump.fun employee admits to major crypto theft, faces potential lengthy prison term.

In a dramatic turn of events, Jarett Dunn, known online as "Stacc," has pleaded guilty in London's Wood Green Crown Court to charges of fraud and the illegal transfer of criminal property. Dunn, a Canadian national, confessed to siphoning off over 14,700 SOL, valued at around $2 million, from the Solana-based meme coin platform Pump.fun in May. His actions, which he justified as a response to the alleged harmful practices of the platform, have drawn significant attention in the crypto community, where some have labeled him as a modern-day "Robin Hood."

Dunn's attack on Pump.fun was no small feat. As an insider, he abused his position at Baton Corporation Ltd., the company behind Pump.fun, to orchestrate the theft. Using his access, Dunn transferred the SOL tokens into his possession and then proceeded to airdrop them to random wallet addresses across the network. This move not only caught the attention of law enforcement but also sparked debates within the crypto space about the ethics of such actions, especially given Pump.fun's controversial history with pump-and-dump schemes and other questionable activities.

During his court appearance, Dunn wore a casual ensemble—a baby blue suit jacket paired with a white t-shirt and beige jogging pants. He listened intently as the charges were read out, ultimately pleading guilty to both counts. The court learned that the direct financial loss to Pump.fun amounted to approximately $2 million, but the broader consequences of his actions could lead to losses as high as £10 million (nearly $12.8 million). However, the exact methodology behind this figure was not fully explored during the hearing.

The presiding judge, while addressing Dunn and his legal team, made it clear that the gravity of the offense likely places this case in the category of a 1A offense. If this classification holds, Dunn could be looking at a minimum prison sentence of seven years. However, his willingness to plead guilty, along with other mitigating factors, could play a role in reducing the severity of his sentence.

As the hearing continued, the judge hinted at the possibility of denying Dunn bail, a move that appeared to catch Dunn and his companion—a friend from a substance recovery program—by surprise. Dunn, who had been relatively composed throughout the proceedings, seemed to grapple with the reality of the situation, frequently glancing down at the ground.

The saga of Jarett Dunn and the Pump.fun heist serves as a stark reminder of the vulnerabilities that still exist within the cryptocurrency industry, particularly in platforms that engage in dubious practices. Dunn's actions, whether viewed as a principled stand against an unethical platform or a blatant act of theft, have set a precedent that will likely be referenced in future discussions around crypto security and ethics.

photo source / Blockonome