Pumpfun Removes Meme Token Linked to Lazarus Group

In Brief:

Pumpfun has deleted a Meme token suspected of being linked to North Korean hacker group Lazarus.

The Bybit attacker allegedly used Pumpfun to launder stolen funds by issuing a new token.

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According to Aggr News, Pumpfun, a popular platform for launching Meme tokens, has removed a token associated with Lazarus Group. The decision follows reports that the Bybit attacker—believed to be part of the North Korean hacking group Lazarus—had issued a Meme token on Pumpfun to launder stolen SOL funds.

Blockchain analysts detected SOL transfers to a suspicious address, after which a Meme token was launched, raising concerns about its use in obfuscating illicit funds. Pumpfun has since acted swiftly to eliminate the token from its platform.

This incident highlights the ongoing concerns about DeFi platforms being exploited for illicit activities, as well as the increasing scrutiny on crypto-related cybercrime. Pumpfun’s response suggests that platforms are now more vigilant in monitoring and removing suspicious tokens before they can be used for money laundering at scale.

With hacker groups becoming more sophisticated, will crypto platforms be able to stay ahead and prevent further exploitation?

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