Pump.fun denies claims of cashing out ICO funds
Pump.fun co-founder Sapidjiju rejects accusations that the platform cashed out hundreds of millions of dollars in stablecoins, calling the claims “complete misinformation.”
Following a Lookonchain report stating that Pump.fun had recently deposited large sums to the Kraken exchange and that the funds were later transferred to Circle through an identified wallet—allegedly for the purpose of selling—Sapidjiju called the accusations of token dumping false and said no funds were cashed out.
According to Sapidjiju, the movements flagged by Lookonchain were related to internal treasury management, in which stablecoins raised during the ICO were redistributed across different wallets to reinvest operating funds back into the business. He also added that Pump.fun has never worked directly with Circle.
Treasury management or cash-out?
As is known, Pump.fun’s ICO earlier this year raised around $500 million, though not all of the allocated supply was distributed during the token sale. After Lookonchain’s report, community members demanded a proof-of-reserves disclosure and warned about possible price pressure.
Some observers pointed to a contradiction between the team’s denial of involvement with Kraken and Circle transfers and the simultaneous admission that the stablecoin movements were part of treasury operations. Others, however, welcomed the team’s communication, noting that treasury management is often mistaken for fund withdrawal.
PUMP price dynamics over 7 days. Source: CoinMarketCap
Meanwhile, over the past week, the PUMP token has lost about 12% of its value and is trading below $0.0028 at the time of writing. Over the past month, PUMP has declined 40%, mirroring the broader downturn across many altcoins.
As we wrote, Pump.fun hits $13.48M weekly revenue, highest in six months
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