Advertisement Identifies Ex-Employee in $1.9M Breach has redeployed the contracts, and trading is now live with 0% fees for the next seven days.

By: Mehab Qureshi Loading...

employee with a frustrated expression, shown taking glowing neon dollar bills from an open safe

Memecoin launchpad said that a former employee was responsible for an exploit that took place on Thursday.

This exploit led to the theft of 12,300 SOL, valued at $1.9 million at the time of the hack.

In a post-mortem report posted on X (formerly Twitter), revealed that the former employee "illegitimately took access of the withdraw authority" and used flash loans on a Solana-based lending protocol to borrow SOL.

Flash loans are uncollateralized loans that must be repaid within the same blockchain block, allowing the exploiter to quickly acquire a large amount of SOL without requiring upfront capital.

The Exploit

The rogue employee exploited the borrowed SOL to purchase “as many coins” as possible on until the prices of these coins hit 100% on their respective bonding curves.

In the ecosystem, bonding curves set the price of a coin based on its current supply, causing the price to increase as more coins are bought. Once these coins reached the maximum price point on the bonding curves, the exploiter gained access to the liquidity locked in these curves, which is the pooled funds supporting the trading and stability of those coins.

By 17:00 UTC, all trading on was halted to prevent further damage. The platform stated that, "out of a total of $45m of liquidity in the bonding curve contracts, only ~$1.9m was affected."

To compensate affected users, noted that the team "will seed the LPs for each affected coin with an equal or greater amount of SOL liquidity that the coin had at 15:21 UTC" within the next 24 hours. has since redeployed the contracts, and trading is live now with 0% trading fees for the next seven days.

Since its launch in January, has seen its revenue surge to $22 million, data from DeFiLlama shows. On May 10, became the second-largest revenue generating platform in DeFi, surpassed only by the Ethereum Network.

What is is a memecoin launchpad platform designed to simplify the process of launching a token on Solana or Blast, making it accessible even to those with no coding experience.

The platform allows users to create their own tokens within minutes, streamlining the initial launch phase by trading the new token along a bonding curve.

According to, this approach helps "prevent rugs by making sure that all created tokens are safe," ensuring that each coin is a fair launch with "no presale and no team allocation."

While that may be true, the system unfortunately did not prevent a flashloan attack.