What’s currently happening at Pump.fun following reports of a $436 million transfer of USDC stablecoins to the Kraken platform? Tempers are running high, especially given that the official accounts appear to be inactive. Here’s an update…
Pump.fun: A $436 Million Transfer Raises Questions
The sharp decline currently hitting the cryptocurrency market is stirring up emotions and fueling all kinds of speculation. It must be said that these difficult periods often coincide with potentially questionable transactions carried out by projects in trouble.
This reality is currently affecting Pump.fun, a protocol specializing in the creation of memecoins, after the X account Lookonchain highlighted a series of transfers to the cryptocurrency exchange Kraken totaling $436 million.
Details of the Pump.fun transfers mentioned by Lookonchain
According to Lookonchain, these transfers are part of a large-scale cash-out operation that has been underway since October 15, involving USDC stablecoins as well as Solana’s SOL cryptocurrency.
Since October 15, Pump.fun has deposited $436.5 million in USDC on Kraken. Over the same period, $537.6 million in USDC was transferred from Kraken to Circle via the DTQK7G wallet. Between May 19, 2024, and August 12, 2025, Pump.fun sold a total of 4.19 million SOL ($757 million) at an average price of $181. Of this amount, 264,373 SOL were sold on-chain for $41.64 million, while 3.93 million SOL ($715.5 million) were deposited on Kraken.
Lookonchain
A Transaction Amid Speculation and Denials
This information quickly spread far and wide. It provided an opportunity for the X account named Aixbt to revisit Pump.fun’s business model, in which the fees collected come largely from the “99.3% failure rate of launches” of its users’ memecoins.
A veritable “extraction mechanism” that has been all the more highlighted by the total lack of response—or even posts—on Pump.fun’s official account—as well as from its main representative, Alon—since November 14, when these allegations were first made.
A situation that the Sapijiju account—also attributed to one of Pump.fun’s co-founders—quickly addressed, stating that he and his colleagues had “no involvement in the transactions between Kraken and Circle” mentioned by the Lookonchain account.
According to these statements, “zero dollars were cashed out” since these transactions were part of “Pump.fun’s treasury management, using USDC from the PUMP token ICO.” Transferring these funds to various wallets was therefore intended to reinvest the company’s cash reserves back into its operations.
It also explains that “Pump.fun has never worked directly with Circle,” the issuer of USDC. This explanation was echoed by Pump.fun’s official account, which appears to have come back to life in the last few hours.
