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Pump.fun former employee Jarett Dunn has been remanded to a London prison after breaching the terms of a bail agreement. The Canadian and popular crypto figure is currently undergoing trial after stealing $2 million from the Solana meme coin factory.

Dunn Settles For Prison, Hints At Accepting Guilty Plea

In May 2024, Jarett Dunn, a developer at Pump.fun, drained the platform of almost $2 million in SOL, which was diverted to multiple addresses. Thereafter, Dunn started distributing this stolen wealth to several wallets holding Solana memecoins or NFTs, allowing the Canadian to gain some following in the crypto community.

Notably, Jarett Dunn took responsibility for the exploits within minutes of the operation, citing reasons such as a hostile work environment and inappropriate mentality towards user funds. Dunn accused Pump.fun of several crimes, including operating as an unregistered securities exchange and casino, alongside suggestions of child abuse intentions.

The former Pump.fun employee was immediately arrested but soon released on bail. In October 2024, Jarett Dunn pleaded guilty to the crypto theft but soon requested to withdraw this plea while awaiting sentencing. This action resulted in Dunn losing his legal team while under a strict bail condition that involved movement restriction.

However, in June 2025, Jarett Dunn breached this bail agreement in a sudden, unauthorized move from London to Liverpool while also tampering with his ankle monitor. The ex-Pump.fun developer was soon apprehended and now sits in a London prison awaiting a hearing.

According to recent posts on Dunn’s X account under the alias @STACCoverflow, the Canadian appears to have made peace with staying in prison, hinting at accepting the guilty plea again and terminating his withdrawal request. @STACCoverflow is reportedly managed by Dunn’s friend Mark Kelly, who has reportedly been communicating with the developer since his recent incarceration.

Dunn Stares At 10-Year Sentence While Pump.fun Celebrates ICO

In the UK, fraud by abuse of position where the value exceeds £500,000 ($640,000) can result in a maximum sentence of 10 years. While a bail breach attracts remand in prison until hearing or an additional 12 months’ jail time if prosecuted as a separate offence. However, such factors as an early guilty plea and purported health issues may help mitigate sentences in the case of Jarett Dunn.

Meanwhile, Pump.fun just recently concluded its initial coin offering (ICO) process, raising about $600 million in the process. The Solana memecoin factory is now valued at over $6 billion following resounding success, such as Moo Deng (MOODENG), Fart Coin (FARTCOIN), Peanut The Squirrel (PNUT), etc.

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Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated: 

July 7, 2025

Two residents of Greater London have been sentenced to over a decade behind bars after they defrauded dozens of investors of over $2 million in a years long crypto scheme, a new press release from the Financial Conduct Authority (FCA) states.

Crypto Conmen Sent To Jail

According to the UK Financial watchdog’s Friday press release, Raymondip Bedi and Patrick Mavanga have been sentenced to over five years and six years in prison respectively for orchestrating the multi-million dollar digital asset scheme.

“Bedi and Mavanga ruthlessly defrauded dozens of innocent victims, and it is right that they have received these prison sentences,” Steve Smart, joint executive director of enforcement and market oversight at the FCA, said.

“Criminals need to be clear that there is a cost to committing crime and we will seek to make them pay,” he added.

FCA Exposes London Crypto Scheme

Between February 2017 and June 2019, Bedi and Mavanga defrauded at least 65 investors out of a total of £1,541,799, nearly equivalent to $2,100,000 USD.

According to a November 2024 press release, Bedi and Mavanga cold-called consumers to direct them to a website offering crypto investment opportunities.

In reality, the site and its supposed high return cryptocurrency offerings were a sham for their own financial gain.

Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at a May 2023 hearing.

Meanwhile, Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an improper intention in June 2023.

‘Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” Smart said in a statement at the time.

“If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is,” he continued. “If you’re in any doubt – don’t invest.”

Valeria Fedyakina, who promoted herself as “Bitmama”, convinced people she was a trusted crypto dealer who could transfer their money abroad using digital assets.

According to a report by The Telegraph on June 26, her operation generated around $23 million (2.2 billion rubles) in just 60 days.

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Fedyakina told clients she had a way to send funds overseas without using banks, which became harder to access due to Western sanctions. She claimed she would exchange their cash for cryptocurrency and transfer it through Dubai.

However, investigators said she transferred the money to her own crypto wallets based in the United Arab Emirates.

The case was handled by the Presnensky District Court in Moscow, which delivered the verdict on June 24.

Along with her prison sentence, the court ordered Fedyakina to repay the full amount to her victims. The prosecution had originally asked for a ten-year sentence, the maximum allowed under Russia’s fraud laws.

Fedyakina used the names “Bitmama” and “Bitmama Finance” while meeting with clients in hotels across Moscow. Her pitch included promises of investments in oil, minerals, and gold. According to Russian investigators, these claims were only made to gain trust and collect funds.

One witness, her assistant, told authorities that people were handing over between $2 million and $3 million each day when the scheme started. According to a report by Izvestia, the daily total rose to as much as $15 million.

On June 9, four people from Queensland were charged over a $123 million crypto-linked laundering scheme. How did the case unfold? Read the full story.

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The US Department of Justice (DOJ) has announced a crypto podcaster and online personality known as T.J. Stone has been sentenced to prison on a count of wire fraud. The convict allegedly swindled several unsuspecting victims of over $2 million in an elaborate investment scam.

Crypto Influencer Swindles Victims Of Over $2 Million

According to a statement by the DOJ, Eastern District of New York, Thomas John Sfraga, popularly known as T.J. Stone, presented himself to society as an established serial entrepreneur between 2016-2022 with multiple businesses in real estate, podcasting, media, and cryptocurrency.

Using this false image, the felon was able to solicit money from individuals in Brooklyn, Staten Island, and Long Island. T.J. Stone deceived his eventual victims into believing these funds were for investment in real estate and certain crypto projects, with his most prominent businesses being Build Strong Homes LLC and Vandelay Contracting Corp. 

In particular, he collected a $100,000 loan for a supposed start-up construction firm, while also convincing another individual to invest in a non-existent crypto wallet that promised a 60% yield in three months. However, the DOJ reports T.J. Stone used these investments for personal expenses, and paid earlier victims and partners to maintain a mirage of running an actual business. In reality, Stone swindled a minimum of 17 victims of $2 million.

Commenting on the convict’s actions, Attorney General of the Eastern District of New York, John Durham said:

Sfraga callously stole from friends, next-door neighbors, and the parents of children who played on teams with his own children, as well as from individual cryptocurrency investors.

Following an investigation into his shady actions, Stone fled to Arizona under a false name but was eventually apprehended in Las Vegas. In May 2024, Mr. Sfraga pleaded guilty to charges of wire fraud.

Penalties And Compensations

Following the ruling of United States District Judge Frederic Block on March 13, Stone has been sentenced to 45 months in prison, and below the maximum sentence for wire fraud at 240 months. In addition, the convict is to pay $1,337,000 in forfeiture with a restitution amount to victims yet to be determined.

In other news, the general crypto market is presently experiencing an uptick with the total market cap rising by 2.12%. Bitcoin is up by 3.21% trading above $84,000 with its market cap now around $1.67 trillion. Meanwhile, prominent altcoins such as Ethereum (ETH), XRP, and Solana (SOL) have also gained by 1.22%, 5.64%, and 7.21% in the past 24 hours.

Featured image from iStock, chart from Tradingview 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.