The former developer of pump.fun pleaded guilty to stealing $2 million in Solana coins.

Former senior developer of pump.fun Jarrett Dunn has officially pleaded guilty to the theft of Solana tokens (SOL) from the platform, amounting to approximately $2 million. He signed a plea agreement while in custody in London after violating the terms of his bail.

Dann previously tried to withdraw his confession but returned to his original position, awaiting a verdict that may be issued within two weeks. The judge at the first hearing indicated that the case would likely be treated as a Class 1A felony, which implies up to seven years of imprisonment.

According to the court, the direct damage amounted to about $2 million, but the indirect losses for pump.fun could reach $10 million. This amount includes expenses for maintaining reputation, losses due to the nine-hour suspension of the platform's operations, and a temporary decrease in fees.

A part of the stolen funds was transferred to random addresses, which excluded their return.

Dunn's lawyers state that mitigating circumstances could include their client's mental disorders. According to them, he suffers from schizoaffective bipolar disorder, panic disorder, and ADHD, and also struggles with various addictions. At the time of the crime, the developer was not taking medication, as confirmed by medical reports.

Despite the crime, pump.fun increased its revenue from $43.9 million to $791 million over the year. The platform also launched its own coin PUMP with a market capitalization of $1.31 billion, according to CoinMarketCap.

The prosecution may seek restitution under the British Proceeds of Crime Act (POCA). The sentencing decision will depend on a combination of factors, including Dunn's mental state and the impact of the attack on the platform.

Recall that we wrote that the co-founder of Terraform Labs, Do Kwon, pleaded guilty to fraud of $40 billion.