Pump.fun Founder Denies $436M 'Cash-Out' Accusation
Pump.fun's pseudonymous co-founder, 'Sapijiju,' refuted allegations of a $436 million cash-out in an X post, labeling the claims "complete misinformation." The denial follows an on-chain report from analytics firm Lookonchain that showed wallets linked to the Solana memecoin launchpad moving hundreds of millions in USDC to the Kraken exchange since mid-October.
The founder claimed the fund movements were not a sale but part of internal financial strategy. Sapijiju stated the funds originated from the PUMP token's initial coin offering and were being managed for operational runway.
"What's happening is a part of Pump's treasury management, where USDC from the $PUMP ICO has been transferred into different wallets so the company's runway can be reinvested into the business," Sapijiju wrote.
The controversy lands as Pump.fun's monthly revenue fell to $27.3 million in November, its lowest figure since July. The explanation from Sapijiju was met with a mixed response from the community. Some users pointed to apparent contradictions in the statement.
The reaction? Divided.
One user posted, "Definitely didn't just contradict yourself on a post you had 10 hrs to respond to."
Despite the controversy, the PUMP token has seen a slight recovery. Read: $0.002783 at press time, up 7.93% over the last 24 hours.
