Pump.fun Blocks Hacker Linked to Bybit Exploit From Laundering Stolen Funds via Memecoin

Pump.fun isn't playing around when it comes to shady activity. The platform recently blocked a hacker linked to the massive Bybit exploit from launching

A hacker linked to the massive Bybit exploit was attempting to launch tokens on Pump.fun in an apparent bid to launder stolen funds, but the platform stepped in and blocked the effort.

Before getting flagged, the hacker managed to push over $26 million in trading volume through a memecoin called “QinShihuang (500000).” Now, blockchain records show that the exploiter, using wallet 5STkQy…95T7Cq, sent 60 SOL to another wallet, 9Gu8v6…aAdqWS. That second wallet then launched the QinShihuang token on Pump.fun, likely as part of an effort to disguise the stolen funds through memecoin trading.

The attempt to launder stolen funds through memecoin trading was ultimately thwarted by Pump.fun frontend, which appears to have blocked the QinShihuang (500000) token. This move prevented the hacker from further disguising the stolen funds and completing the laundering process.

The Bybit exploiter stole a large sum of crypto from one of the exchange’s cold wallets, with the total amount swiped reaching over 400,000 Ethereum (ETH), which is currently valued at about $1.5 billion. This incident ranks among the largest exchange hacks ever.

However, despite the massive scale of the hack, Bybit remained calm and quickly reassured users that their funds were completely safe, thanks to their 1:1 reserve system, which ensured that all user balances were fully backed by the exchange’s own funds. Withdrawals and trading also kept running like normal, making it clear that they weren’t letting the hack slow them down.