Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
descended into chaos Thursday at the hands of an exploiter who compromised the tech central to its issuance of joke cryptocurrencies.
"We are aware that the bonding curve contracts have been compromised and are investigating the matter," the months-old project's TwitterDetails of the attack were still coming together at press time. According to people who are helping with the early stages of the investigation, an exploiter was using a combination of trading tactics to overwhelmand seemingly corner the market for dozens of meme coins. Oddly, on-chain evidence suggests the attacker was not making much of a profit. The people spoke with CoinDesk on the condition of confidentiality since the inquiries are still preliminary.is a months-old project for creating and gambling on meme coins on the Solana blockchain.
The attacker has caused losses of $300,000 in SOL tokens, according to on-chain researchers. Rather than run off with the money, they used it to repay the flash loans and airdrop funds to other people, the people said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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