Jarett Dunn’s Guilty Plea in Pump.fun Case

Jarett Dunn, a former senior developer at Pump.fun, has signed a document confirming his guilt on charges of draining approximately $2 million worth of Solana (SOL) from the token launchpad. His admission of guilt occurred in a London prison after being incarcerated for violating bail conditions.

Recently, Pump.fun has reaffirmed its dominance over competitors, controlling 77% of Solana tokens created via launchpads and generating over $2.28 million in revenue—a five-month high.

Dunn, a Canadian national, had previously pleaded guilty to fraud and transfer of criminal property. However, during a hearing in October, he sought to withdraw his plea but was advised against it by his legal team.

After waiting for nearly eight months for a hearing to vacate his plea, Dunn was moved to HMP Liverpool and later to HMP Pentonville in London due to breaking bail. While in custody, he reaffirmed his guilty plea and is now awaiting sentencing, which might occur in the next two weeks. Friends managing his account mentioned potential sentences of 3 to 4 years.

The judge indicated in a prior hearing that Dunn’s case could be categorized as a severe offense, which may lead to a sentence starting at seven years. The damages caused to Pump.fun are estimated at around $12.8 million, attributed to the $2 million theft and related losses.

Dunn sent the stolen assets to random wallets, complicating recoveries. Additionally, he gained notoriety within a following that saw him as a “Robin Hood” figure in the crypto community.

Legal experts suggest Dunn might be held accountable to repay losses through a Proceeds of Crime Act, although mitigating circumstances, including mental health issues, might lighten his sentence. He has a history of mental health issues, including schizoaffective bipolar disorder and substance abuse, which may impact his sentencing.

Since Dunn’s exit in May 2024, Pump.fun has significantly grown, with its revenue soaring to $791 million from a lifetime of $43.9 million, establishing it as a culture hub for memes and trends. The platform is now launching initiatives to compete with giants like TikTok and Twitch, while also introducing its own rapidly appreciated token, despite being down from its peak.

While Dunn awaits sentencing, Pump.fun continues to thrive in the crypto market.