Quick Breakdown
- Pump.fun co-founder rejects Lookonchain’s report alleging a $436M stablecoin cash-out.
- Says the USDC originated from the PUMP ICO and was moved for treasury management.
- Community remains split as PUMP token trades below its ICO price.
Co-founder says transfers were internal treasury movements
Pump.fun’s pseudonymous co-founder, Sapijiju, has dismissed claims that the project offloaded more than $436 million in USDC, calling allegations from blockchain analytics platform Lookonchain “complete misinformation.”
complete misinformation from @lookonchain again. $0 have been cashed out – we’re not involved in the transactions between Kraken and Circle that you’re alleging us to be a part of.
What’s happening is a part of pump’s treasury management, where USDC from the $PUMP ICO has been… https://t.co/qd6GUnIxKH
— Sapijiju (@sapijiju) November 24, 2025
In an X post, Sapijiju clarified that none of the crypto from wallets linked to the project had been sold. Instead, he said the USDC came from the platform’s PUMP token initial coin offering (ICO) and was redistributed across internal wallets as part of routine treasury management.
“This is simply Pump’s treasury management,”
he said.
“USDC from the $PUMP ICO has been transferred into different wallets so the company’s runway can be reinvested back into the business. Pump has never directly worked with Circle.”
Report flags $436M moved to Kraken
The clarification followed Lookonchain’s report that Pump.fun-related wallets had transferred $436 million in USDC to Kraken since mid-October, movements that many interpreted as a major cash-out.
The timing sparked additional scrutiny: Pump.fun’s monthly revenue slid to $27.3 million in November, its lowest since July, according to DefiLlama.
Despite the concerns, data from DefiLlama, Lookonchain, and Arkham indicated that a wallet tagged to Pump.fun still holds more than $855 million in stablecoins and over $211 million in Solana (SOL).
Mixed reactions from analysts
Reactions to the perceived sell-off differed sharply across the crypto analytics space.
Nansen analyst Nicolai Sondergaard suggested the movement might signal more selling, while EmberCN argued the funds likely stemmed from private placements rather than market dumping.
The project’s community appeared split. Some users questioned Sapijiju’s messaging, pointing out inconsistencies in claiming no involvement in the transfers while describing them as treasury management.
Others went further, accusing Pump.fun of poor execution and “price manipulation via airdrops,” as the PUMP token trades at $0.002714, 32% below its ICO price of $0.004 and nearly 70% below its September peak of $0.0085, according to CoinGecko.
Some community members defended Pump.fun’s right to manage its treasury as it sees fit, but emphasized that the real issue is clarity around reserves.
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