Former Pump.fun Developer Sentenced in London for Bail Violation Related to $2M Theft, Facing Over Seven Years in Prison

Former senior developer of Pump.fun, Jarett Dunn, is currently incarcerated in a London prison after violating his bail conditions while awaiting trial for allegedly stealing around $2 million from the launchpad in May 2024, as reported.

The Canadian citizen, who had previously entered a guilty plea to fraud charges, is now seeking to retract his plea and is facing a minimum of seven years in prison.

His imprisonment coincides with the transformation of his former employer into one of the most prosperous platforms in the cryptocurrency sector, having recently completed a $600 million initial coin offering and exceeding $770 million in total revenue.

NEWS: As reported by Decrypt, former @pumpdotfun senior developer @STACCoverflow (Jarett Dunn) is incarcerated in London for breaching bail conditions and faces a minimum of 7 years in prison. Last year, he misappropriated ~$2M from PumpFun and transferred it to an unrelated address.. pic.twitter.com/5mQGwwUppN

— SolanaFloor (@SolanaFloor) July 18, 2025

The Theft and Its Aftermath

Dunn’s exploitation of Pump.fun took place during his short six-week tenure with the company in May 2024, during which he took advantage of his access to private keys to siphon funds from bonding curve contracts.

The stolen SOL tokens, valued at approximately $2 million, were meant to be transferred to the Raydium decentralized exchange but were instead rerouted to unrelated wallet addresses.

Instead of retaining the funds, Dunn promptly began airdropping the stolen tokens to random wallet addresses, targeting holders of various Solana tokens and NFTs as unsuspecting recipients. This led Pump.fun to temporarily suspend its platform while it investigated the breach and collaborated with law enforcement.

Minutes after the exploit, Dunn took to Twitter to claim responsibility, posting erratically about his motivations and actions.

“Everybody be cool, this is robbery,” he stated, adding that he was “about to change the course of history” and anticipated he would “rot in jail.”

And now; Magick: everybody be cool, this is a r o b b e r y. What it do, staccattack? I’m about to change the course of history. n then rot in jail. am I sane? nah. am I well? v much not. do I want for anything? my mom raised from the dead n barring that: /x

— stacc’s futard arc. (@STACCoverflow) May 16, 2024

In a Twitter Spaces session immediately after the attack, Dunn voiced his contempt for the platform he targeted.

“I just kind of wanted to kill Pump.fun because it’s something to do,” he remarked, asserting that the platform had “inadvertently hurt people for a long time.”

He characterized the company as “horribly managed” and expressed that he had “personal grievances” against its leadership.

Dunn initially pleaded guilty to fraud charges in October 2024 but sought to withdraw his plea during what was intended to be his sentencing hearing. His legal team later withdrew from the case, leaving him to navigate the complex legal proceedings while residing in London under bail conditions that included movement restrictions and electronic monitoring.

The violation of his bail conditions occurred in early June 2025 when Dunn relocated from London to Liverpool without authorization, breaching the terms of his release.

He was subsequently apprehended and held at Walton Prison in Liverpool before being transferred to HMP Pentonville in London, where he remains in custody, awaiting a formal hearing to withdraw his guilty plea.

His friend Mark Kelly, who has been in contact with Dunn through calls from prison, confirmed the details of the bail violation to media outlets.

“He’s remarkably cool and zenlike considering his situation,” Kelly stated.

The Growing Epidemic of Crypto Insider Attacks

Dunn’s case adds to a rising trend of insider threats within the cryptocurrency sector, where employees with privileged access exploit their positions for personal gain or ideological motives.

Recent incidents include Coinbase rejecting a $20 million ransom demand in May 2025 after overseas support staff were bribed to leak user data, and Pond.fun experiencing a hack in March 2025, allegedly carried out by its own lead software engineer who drained liquidity through blockchain privacy protocols.

@Coinbase has disclosed a data breach involving a small subset of customer information.#Coinbase #DataBreach https://t.co/qfBEmf3Cc0

— Cryptonews.com (@cryptonews) May 15, 2025

Additionally, South Korea recently sentenced an illegal XRP exchange operator to eight years in prison for defrauding investors of $3.4 million.

Since Dunn’s attack, the platform has evolved from operating out of a WeWork office in London to being regarded by analysts as “one of the most used apps in crypto history.”

Despite Pump.fun’s success, it has faced ongoing criticism for allegedly enabling pump-and-dump schemes and questionable promotional practices.

The post Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison appeared first on Cryptonews.