Pumpdotfun developer who embezzled $2 million in Solana (SOL) sentenced to 6 years in the UK

A developer who siphoned off $2 million worth of Solana (SOL) from Pumpdotfun was sentenced to prison by a UK court. It was also reported that after the embezzlement the funds were transferred to multiple addresses in a dispersed manner and there were signs he publicly admitted the crime.

According to crypto news outlet Decrypt on the 18th (local time), Pumpdotfun developer Jarett Dunn was sentenced to 6 years in prison in the UK. Dunn had been on trial on charges of embezzling SOL worth $2 million from funds related to Pumpdotfun.

According to the outlet, Dunn did not store the embezzled funds in a personal wallet but divided them and sent them to thousands of random addresses, then confessed to the crime via social media. Circumstantial evidence suggested an attempt to complicate the flow of funds in the process.

Some argued from the fact that Dunn dispersed the funds to random addresses that there might have been a specific intent, but the court treated the case as embezzlement and handed down a prison sentence. The case is classified as an instance of fund misappropriation involving an insider of a crypto asset project.

Observers say this ruling could again highlight trust issues surrounding Pumpdotfun. The industry also raised the need to strengthen control mechanisms over project operation and development authority and fund management systems.