- Scammers exploited hacked social media accounts to raise $3.5 million through Solana-based memecoins on Pump Fun platform
- High-profile compromised accounts included McDonald’s, Usher, and Wiz Khalifa, with Andy Ayrey’s account generating $2.2 million across six tokens
- Blockchain investigator ZachXBT traced 16 tokens’ initial funding, connecting them through shared crypto casino deposit addresses
- Pump Fun removed its livestreaming feature due to extreme behavior from token creators
- The platform has generated over $250 million in fees since January 2024, with approximately 50,000 tokens launched daily
Social Media Account Compromise Leads to Massive Token Scam
A series of coordinated social media account compromises has resulted in a $3.5 million cryptocurrency scam involving Solana-based memecoins launched through the Pump Fun platform. The attacks targeted prominent figures and businesses, including McDonald’s, Usher, and Wiz Khalifa.
Blockchain security researcher ZachXBT has documented the connection between 16 different tokens launched on the Solana-based platform, tracking how funds moved between associated addresses and eventually into shared cryptocurrency casino accounts.
High-Profile Targets and Substantial Losses
The most profitable target was cryptocurrency personality Andy Ayrey, whose compromised account led to $2.2 million in losses across six different tokens. Other significant losses included:
– McDonald’s GRIMACE token: $690,000
– USHER token: 4,868 SOL (approximately $650,000)
Additional compromised accounts included Breaking Bad actor Dean Norris, Japan‘s Enoshima Aquarium, and the owner of Kabosu, the original Shiba Inu dog behind the Doge meme.
Platform Response and Ongoing Investigation
Pump Fun has taken action by removing its livestreaming feature following reports of concerning behavior from token creators. The platform posted a moderation message indicating the feature would remain disabled until proper moderation infrastructure is established.
ZachXBT has indicated a forthcoming “Part 2” of the investigation, which will expose multiple threat actors connected to at least nine compromises, beyond the current on-chain evidence.
Platform Growth and Market Impact
According to Dune Analytics, Pump Fun has experienced significant growth since its January launch:
– Over $250 million generated in fees
– Nearly 4 million tokens created
– Approximately 50,000 new tokens launched daily
Previous investigations by ZachXBT have contributed to law enforcement actions, including arrests in both NFT/bored-ape-cinq-personnes-mises-en-examen-a-paris-pour-le-vol-d-une-collection-de-nft_AD-202210120607.html”>France and the United States.
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