Jarett Dunn, a former employee of Pump.fun, has been incarcerated in a London jail for violating his bail conditions. The Canadian, known in the crypto world, faces trial for misappropriating $2 million from the Solana meme coin producer.
Dunn Opts for Custody, May Reconsider Guilty Plea
In May 2024, developer Jarett Dunn siphoned nearly $2 million in SOL tokens from Pump.fun, redistributing the funds across various accounts. He subsequently channeled these stolen assets into wallets associated with Solana memecoins or NFTs, gaining traction among crypto enthusiasts.
Remarkably, Dunn confessed to the theft shortly after the incident, citing a toxic workplace and poor financial ethics at Pump.fun. He accused the platform of numerous infractions, including unlicensed operation as a securities exchange and casino, and even implied intentions related to child exploitation.
Arrested immediately, Dunn was initially released on bail. However, in October 2024, after pleading guilty to the crypto theft, he attempted to retract this plea while awaiting sentencing. This move resulted in losing his legal representation and being placed under strict bail conditions, including travel restrictions.
In June 2025, Dunn violated his bail by unexpectedly traveling from London to Liverpool and tampering with his ankle monitor. The former Pump.fun developer was quickly recaptured and is now held in a London jail pending his hearing.
Recent activity on Dunn’s X account, operated by his friend Mark Kelly under the alias @STACCoverflow, suggests that Dunn is resigned to his imprisonment and may be reconsidering his guilty plea, planning to revoke his withdrawal request.
Dunn Faces Potential 10-Year Imprisonment as Pump.fun Celebrates ICO Success
In the UK, fraud involving more than £500,000 ($640,000) can lead to a maximum 10-year sentence, with bail violations potentially adding up to 12 months if prosecuted separately. However, factors like a prompt guilty plea and health considerations might reduce Dunn’s sentence.
Meanwhile, Pump.fun has successfully completed its initial coin offering (ICO), raising approximately $600 million. The Solana meme coin factory is now valued at over $6 billion, thanks to successful ventures like Moo Deng (MOODENG), Fart Coin (FARTCOIN), and Peanut The Squirrel (PNUT).
Featured image from Pexels, chart from Tradingview
