Suspected of having emptied the coffers of Pump.fun, the co-founder of the Sapijiju project rejects all accusations. In the midst of turmoil, the crypto platform specializing in memecoins must face the anger of a divided community. Decryption of a transfer that sows doubt!
In brief
- Pump.fun rejects accusations of cash-out and speaks of simple internal management of funds.
- The crypto community remains divided, between suspicions of manipulation and defense of the project.
Suspicions of massive cash-out on Kraken: the crypto affair that shakes Pump.fun
It all started with an alert launched by Lookonchain. According to the onchain analysis company, crypto wallets linked to Pump.fun would have transferred $436 million in USDC to Kraken since October. An operation interpreted as a massive cash-out !
The latter also comes at a time when the crypto platform's revenues plunged to $27.3 million in November, compared to $40 million in previous months.
Another worrying sign: the fall of the PUMP token. It is currently trading around $0.0027.
Concretely, this crypto asset shows a decline:
- 32% compared to its IPO price;
- by almost 70% since its peak in September.
The co-founder counterattacks and talks about cash management
Faced with suspicions, Sapijiju reacted publicly via a post on X. He explains that these movements of crypto funds are a simple cash management strategy. More explicitly, the aim is to redistribute assets from the ICO in different wallets in order to extend the lifespan of the crypto project.
He even specifies that Pump.fun has never collaborated with Circle, the issuer of USDC.
According to the latest data, the wallets associated with the crypto project still contain more than 855 million stablecoins and 211 million in SOL. Which suggests thatno full withdrawals have been made.
Obviously, the response from the co-founder of the crypto platform is divisive. Some Internet users point out contradictions in his statements. Others denounce opaque management, particularly through airdrops considered arbitrary. Conversely, more moderate voices remind us that Pump.fun remains in control of its revenues and free to make its financial choices.
In any case, this affair highlights a central issue in the crypto universe: the transparency of projects, especially when they involve hundreds of millions. In an ecosystem where trust is based on algorithmic promises, words must reassure as much as numbers.
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