Jarett Dunn, the former senior developer of the pump.fun platform, has officially pleaded guilty to the theft of Solana (SOL) tokens worth over $2 million. The incident occurred while he was in custody in London, after violating the terms of his bail.
This is reported by Finway
Case Details and Consequences for pump.fun
Dunn had previously attempted to retract his confession in court, but ultimately confirmed his guilt. A verdict may be delivered within the next two weeks. The court is treating the case as a Category 1A crime, which carries a penalty of up to seven years in prison.
According to the court, the direct loss to pump.fun is approximately $2 million. However, considering indirect losses—expenses related to maintaining reputation, losses due to a nine-hour platform outage, and temporary commission reductions—the total amount could reach $10 million.
“The losses for pump.fun are estimated at $10 million, including indirect losses and expenses for preserving reputation.”
Some of the stolen tokens were transferred to random addresses, making their recovery impossible.
Defendant’s Mental State and Sentencing Outlook
Dunn’s defense emphasizes that mitigating circumstances should include the defendant’s mental disorders. Lawyers report that Jarett Dunn has diagnoses of schizoaffective bipolar disorder, panic disorder, and attention deficit hyperactivity disorder (ADHD), as well as struggles with addictions. At the time of the crime, he was not taking necessary medications, as confirmed by medical documents.
The prosecution may insist on restitution for damages under the UK Proceeds of Crime Act (POCA). The final court decision will depend on both Dunn’s mental state and the extent of the damage caused to the platform.
Despite the incident, the pump.fun platform has significantly increased its revenue over the year—from $43.9 million to $791 million. Additionally, the service launched its own token PUMP, which has a market capitalization of $1.31 billion, according to CoinMarketCap.