Pump.fun Co-Founder Denies Cashing Out ICO Funds, Calls Allegations ‘Misinformation’
Pseudonymous Pump.enjoyable co-founder Sapijiju has rejected allegations that the platform cashed out $436.5 million USDC, in a response on to claims made by on-chain analytics account Lookonchain.
In a submit, Sapijiju referred to as the allegation “full misinformation,” whereas stating that “$0 has been cashed out.” The exec denied any involvement within the transactions Lookonchain linked to crypto change Kraken and stablecoin issuer Circle.
USDC Transfers Spark Drama
According to Sapijiju, the actions flagged within the earlier tweet have been associated to Pump.enjoyable’s inside treasury administration, particularly the redistribution of USDC raised from the PUMP token ICO into totally different wallets so the corporate’s runway might be reinvested into the enterprise.
They additional added that Pump.enjoyable has by no means instantly labored with Circle. The unique claims by Lookonchain stated that since October 15, Pump.enjoyable had deposited 436.5 million USDC into Kraken, whereas 537.6 million USDC reportedly moved from Kraken to Circle by way of a pockets recognized as DTQK7G throughout the identical interval.
Additionally, Lookonchain reported that between May 19, 2024, and August 12, 2025, Pump.enjoyable had offered 4.19 million SOL value $757 million at a mean value of $181, with 264,373 SOL allegedly dumped on-chain for $41.64 million, and three.93 million SOL value $715.5 million deposited into Kraken.
Sapijiju’s clarification obtained combined reactions. Some identified a contradiction: the staff denied involvement in Kraken and Circle transactions however admitted that USDC strikes have been a part of treasury administration from the PUMP ICO. Others have been relieved to see that the staff remains to be lively and fascinating with the neighborhood.
Many famous that treasury administration is usually mistaken for cash-outs. But critics nonetheless questioned the staff’s technique, and even referred to as their airdrop clarification weak and warned that PUMP may collapse. Some urged proof that the USDC reserves totally again the circulating provide.
Controversies
Pump.enjoyable’s ICO in July for the native PUMP token was additionally controversial. The Solana-based meme coin launchpad raised $500 million in simply 12 minutes, after promoting 12.5% of the overall provide at $0.004 per token in a public providing. Initially, 33% of PUMP was allotted for the ICO, with 18% reserved for institutional consumers and 15% for the general public sale, however solely 12.5% was really offered publicly.
Just days earlier than the ICO, crypto change Gate.io instantly canceled PUMP’s pre-market itemizing and refunded all presale contributors. The change later defined that the choice was made following discussions with the Pump.enjoyable staff.
Last yr, the platform briefly paused its livestream function after it was exploited for disturbing acts, together with threats of self-harm and violence linked to token efficiency. Rapid development, with livestream exercise rising over 100 occasions in per week, overwhelmed moderation programs.
To tackle this, Pump.enjoyable expanded its moderation staff and improved automated and human oversight.
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