Former Pump.fun Developer Faces Legal Woes Amid Solana Memecoin Controversy

Jarett Dunn, a former senior developer at Pump.fun, is currently incarcerated in HMP Pentonville, a London prison, following a violation of bail conditions related to an alleged $2 million exploit of the Solana-based memecoin platform. Dunn, a Canadian national, initially pleaded guilty to fraud charges but later attempted to retract his plea. His remand came after an unauthorized relocation from London to Liverpool, further complicating his legal situation. The case highlights the ongoing challenges and regulatory scrutiny facing the solana ecosystem, particularly in the memecoin space. As of July 18, 2025, Dunn's predicament serves as a cautionary tale for developers and investors alike in the rapidly evolving world of decentralized finance (DeFi).

Former Pump.fun Developer Jailed in London for Bail Violation Amid Solana Memecoin Case

Jarett Dunn, a former senior developer at Pump.fun, is currently held in HMP Pentonville, a London prison, after violating bail conditions tied to an alleged $2 million exploit of the Solana-based memecoin platform. The Canadian national, who initially pleaded guilty to fraud charges before attempting to retract his plea, was remanded following an unauthorized MOVE from London to Liverpool.

Dunn's legal troubles escalated when he breached his ankle tag monitoring by relocating without permission. His case took another turn when his legal team withdrew after he sought to reverse his guilty plea during an October hearing. The developer had previously airdropped the siphoned funds to random wallets, creating chaos in Pump.fun's ecosystem.

The incident underscores the ongoing challenges of accountability in decentralized finance, particularly around memecoin projects built on networks like Solana. Market participants are watching for potential Ripple effects on SOL and related tokens as the case unfolds.

Shinhan Bank Integrates Crypto Services into SOL Banking App

South Korea's Shinhan Bank has taken a pioneering step in traditional finance's embrace of digital assets by launching cryptocurrency services on its SOL banking application. The move positions Shinhan as the first domestic bank to offer real-time crypto price tracking alongside educational resources for novice investors.

The SOL app now features market monitoring tools covering major cryptocurrencies, beginner investment guides, and curated crypto news—though direct trading remains unavailable due to regulatory constraints. This strategic expansion comes as only five Korean exchanges currently hold licenses for KRW-crypto trading pairs.

While banking regulations still prohibit direct crypto exchange services, Shinhan's initiative signals growing institutional interest. The bank had previously explored digital asset custody solutions, suggesting deeper crypto integration may follow regulatory evolution.

Backpack Launches Fee-Free FTX Claims Sale Channel Amid Creditor Discontent

Backpack, a wallet and exchange infrastructure provider, has introduced a non-profit FTX claims sale channel, enabling users to offload their claims directly on-platform without fees. The move addresses mounting frustration among creditors, particularly in Asia, where compensation access remains uneven.

The platform connects FTX claim holders with third-party buyers, leveraging Backpack's own $14.5 million loss experience during FTX's collapse. Analyst AB Kuai Dong outlines the process: users synchronize FTX accounts, receive valuation offers, then sign transfer agreements.

China emerges as a key market for the service, representing 82% of countries affected by FTX account freezes. The initiative underscores crypto's evolving bankruptcy solutions while highlighting persistent pain points in global creditor recovery processes.

Solana Price Rally Accelerates as Open Interest Hits Record $9.71 Billion

Solana's SOL token extended its bullish momentum, trading above $183 with a 15% weekly gain as derivatives markets signal strong conviction. Open interest in SOL futures surged to an all-time high of $9.71 billion, reflecting aggressive positioning by institutional traders.

The ecosystem's Total Value Locked reached $9.87 billion - levels last seen in February - confirming renewed developer activity. Technical charts suggest the rally may target $200 resistance as capital inflows continue unabated.