Web3 is Going Just Great

The company claims it will replace the lost funds with help from other companies in their group.

This is one of the largest cryptocurrency thefts in recent history, rivaling the roughly $320 million theft from the Wormhole bridge in February 2022 and the $477 million theft from FTX in November 2022.

First, the team sniped their own $CAT token launch to obtain 63% of the token supply, ultimately selling a portion of it for around $5 million. Then, they took out $2.3 million and $1 million long positions on the ORDI and ETHFI tokens, respectively. Finally, they posted from the compromised influencer account to shill the ORDI and ETHFI tokens to his massive following. Ultimately, their gambit doesn't appear to have been incredibly successful: they made around $34,000 on the ORDI position, but lost $3,500 on the ETHFI position. However, as zachxbt noted, it's possible they also opened positions on centralized exchanges where the outcomes aren't publicly visible.

At first, people widely believed her account had been hacked, given how frequently celebrity token promotions turn out to be compromised Twitter accounts. Then, she began joining Twitter spaces and posting videos about the token, but with the emergence of more and more convincing deepfakes, even those didn't convince people that it was truly Jenner behind the token.

Despite the confusion — or perhaps because of it — the token has been popular.

The token launch was linked to Sahil Arora, a person allegedly connected to multiple celebrity rug pulls and pump-and-dumps. However, Jenner quickly turned on Arora shortly after the token's launch, posting on Twitter "FUCK SAHIL! He scammed us! BIG TIME!" and that "Sahil appears to be fully out".

Jenner is not the first in her family to get mixed up with crypto. In October 2023, her stepdaughter Kim Kardashian was fined over $1 million for unlawful touting of a crypto security.

Deltec is a well-known bank in the cryptocurrency world, mostly for its ties to Tether and to FTX. In July 2023, US authorities seized tens of millions from Deltec accounts in connection to a cryptocurrency money laundering investigation. It's not clear if that was the same investigation.

A former employee — whose real identity is known — brazenly took credit for the theft on Twitter. They wrote: "everybody be cool, this is a r o b b e r y. ... I'm about to change the course of history. n then rot in jail. am I sane? nah. am I well? v much not. do I want for anything? my mom raised from the dead n barring that: life without parole."

In a Twitter Spaces chat, the attacker stated that he had worked for the company briefly, and that he had grievances against its management. "I just kind of wanted to kill Pump.fun because it's something to do... It's inadvertently hurt people for a long time," he said.

Pump.fun paused trading shortly after the attack, and stated that they were "cooperating with relevant parties, including law enforcement, to minimize the damage." The attacker responded to the post: "Neener neener neener".