Pump.fun Co-Founder Denies $436M Cash-Out Claims, Cites Internal Transfers
Pump.enjoyable’s pseudonymous co-founder Sapijiju has pushed again in opposition to allegations that the Solana-based memecoin platform cashed out greater than $436 million in USDC, calling the claims “full misinformation” circulated by blockchain analytics agency Lookonchain.
Key Takeaways:
- Pump.enjoyable’s co-founder denied claims of a $436M cash-out, saying the USDC transfers have been routine treasury actions.
- On-chain information reveals Pump.enjoyable nonetheless holds over $855M in stablecoins and $211M in SOL.
- Analysts and group members stay divided.
The dispute erupted this week after Lookonchain reported that wallets linked to Pump.enjoyable had despatched a whole lot of tens of millions of {dollars} in stablecoins to crypto exchange Kraken since mid-October, exercise extensively interpreted as a big liquidation.
Pump.enjoyable Says $436M Transfers Were Treasury Moves, Not Sales
In a detailed post on X, Sapijiju rejected the characterization, arguing that the transfers weren’t gross sales however routine treasury actions.
He mentioned the USDC in query got here from the PUMP token’s preliminary coin providing (ICO) and was redistributed throughout inside wallets to handle the corporate’s runway and working wants.
“What’s occurring is a part of Pump’s treasury administration,” he wrote.
“USDC from the $PUMP ICO has been transferred into completely different wallets so the corporate’s runway might be reinvested into the enterprise. Pump has by no means straight labored with Circle.”
Treasury administration sometimes includes repositioning funds used for operations, reserves, or growth, an exercise that doesn’t essentially sign promoting strain.
According to DefiLlama, Pump.enjoyable’s month-to-month income fell to $27.3 million in November, dropping beneath $40 million for the primary time since July.
Still, on-chain information from DefiLlama, Arkham, and Lookonchain reveals Pump.fun-tagged wallets proceed to carry greater than $855 million in stablecoins and roughly $211 million in Solana (SOL), suggesting that the undertaking retains a large treasury.
Analysts and group members have been break up over the reason. Nansen’s Nicolai Søndergaard argued the transfers may very well be a precursor to additional promoting, whereas blockchain researcher EmberCN countered that the funds originated from institutional personal placements of the PUMP token quite than lively dumping.
The debate shortly spilled into the group. Some customers mentioned Sapijiju’s assertion lacked readability, pointing to contradictions in his wording.
X consumer Voss argued the co-founder couldn’t declare Pump.enjoyable had no involvement within the transfers whereas concurrently describing them as treasury administration.
Others dismissed the reason completely, with one consumer, EthSheepwhale, accusing the undertaking of poor token execution and “worth manipulation through airdrops,” noting that PUMP is buying and selling 32% beneath its ICO worth at $0.002714, and practically 70% beneath its September peak.
Pump.enjoyable Acquires Kolscan
In July, Pump.enjoyable announced its acquisition of the pockets monitoring instrument Kolscan, aiming to revolutionize on-chain buying and selling.
The integration will merge Kolscan’s analytics with Pump.enjoyable’s social buying and selling options, enhancing transparency, pockets monitoring, and copy-trading capabilities.
Co-founder Alon Cohen emphasised that buying and selling is a “social sport,” highlighting the significance of group and shared insights in driving success throughout the ecosystem.
As a part of the deal, all Kolscan companies shall be made free to customers.
Pump.enjoyable has already attracted tens of hundreds of customers and intends to construct a scalable crypto social media platform, leveraging Kolscan’s instruments to develop its group and affect.
The publish Pump.fun Co-Founder Denies $436M Cash-Out Claims, Cites Internal Transfers appeared first on Cryptonews.
