{"id":91402,"date":"2025-11-25T17:57:57","date_gmt":"2025-11-25T14:57:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91402"},"modified":"2025-11-25T18:02:24","modified_gmt":"2025-11-25T15:02:24","slug":"pump-fun-co-founder-denies-436m-cash-out-to-kraken","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/pump-fun-co-founder-denies-436m-cash-out-to-kraken\/","title":{"rendered":"Pump.fun co-founder denies $436m cash-out to Kraken"},"content":{"rendered":"<p>Pump.fun\u2019s co-founder, who goes by the pseudonym Sapijiju, denied reports of a $436m transfer in <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a> to the Kraken exchange.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">complete misinformation from <a href=\"https:\/\/twitter.com\/lookonchain?ref_src=twsrc%5Etfw\">@lookonchain<\/a> again. $0 have been cashed out \u2014 we&#8217;re not involved in the transactions between Kraken and Circle that you&#8217;re alleging us to be a part of.<\/p>\n<p>What&#8217;s happening is a part of pump&#8217;s treasury management, where USDC from the <a href=\"https:\/\/twitter.com\/search?q=%24PUMP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$PUMP<\/a> ICO has been\u2026 <a href=\"https:\/\/t.co\/qd6GUnIxKH\">https:\/\/t.co\/qd6GUnIxKH<\/a><\/p>\n<p>\u2014 Sapijiju (@sapijiju) <a href=\"https:\/\/twitter.com\/sapijiju\/status\/1992940009230610891?ref_src=twsrc%5Etfw\">November 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The transaction was first flagged by analysts at Lookonchain, who noted that since October 15 the platform had transferred $436.5m in <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> to the trading venue Kraken. A further $537.6m in USDC then went directly to Circle, allegedly for redemption.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It appears <a href=\"https:\/\/t.co\/C909I8882s\">https:\/\/t.co\/C909I8882s<\/a> has cashed out at least 436.5M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> since Oct 15.<\/p>\n<p>Since Oct 15, <a href=\"https:\/\/t.co\/C909I8882s\">https:\/\/t.co\/C909I8882s<\/a> has deposited 436.5M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> into#$Kraken.<\/p>\n<p>During the same period, 537.6M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> flowed from <a href=\"https:\/\/twitter.com\/hashtag\/Kraken?src=hash&#038;ref_src=twsrc%5Etfw\">#Kraken<\/a> to <a href=\"https:\/\/twitter.com\/hashtag\/Circle?src=hash&#038;ref_src=twsrc%5Etfw\">#Circle<\/a> through wallet DTQK7G.<\/p>\n<p>Between May 19, 2024\u2026 <a href=\"https:\/\/t.co\/WQGnUcA8l4\">pic.twitter.com\/WQGnUcA8l4<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1992792570808897822?ref_src=twsrc%5Etfw\">November 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They calculated that from May 19, 2024 to August 12, 2025, Pump.fun sold a total of 4.19m SOL (~$757m) at an average price of $181.<\/p>\n<p>Sapijiju called Lookonchain\u2019s assertions misinformation and said the project has no involvement in the transactions between Kraken and Circle.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWhat\u2019s happening is part of Pump\u2019s treasury management, where USDC from the <\/em><a href=\"https:\/\/forklog.com\/en\/news\/what-is-an-ico-and-can-you-profit-from-it\"><em>ICO<\/em><\/a><em> of PUMP was moved to different wallets so the company\u2019s funds could be reinvested. We have never worked directly with Circle,\u201d he wrote.\u00a0<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Awkward timing\u00a0<\/h2>\n<p>The movements coincided with a fall in Pump.fun\u2019s monthly revenue, which has been declining for a second consecutive month. October totalled $28.4m, and partial November $19.8m.\u00a0<\/p>\n<p>By comparison, September revenue exceeded $43m.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"520\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-059ac8e95e8ec5c1-10475286297979110-1024x520.png\" alt=\"image\" class=\"wp-image-270467\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-059ac8e95e8ec5c1-10475286297979110-1024x520.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-059ac8e95e8ec5c1-10475286297979110-300x152.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-059ac8e95e8ec5c1-10475286297979110-768x390.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-059ac8e95e8ec5c1-10475286297979110-1536x779.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-059ac8e95e8ec5c1-10475286297979110.png 1604w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/defillama.com\/protocol\/fees\/pump.fun\">DefiLlama<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Against this backdrop, community members mooted the possibility of asset sales by the team. EmberCN was among the proponents.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zh\" dir=\"ltr\">pump. fun (<a href=\"https:\/\/twitter.com\/Pumpfun?ref_src=twsrc%5Etfw\">@Pumpfun<\/a>) \u9879\u76ee\u65b9\u8fd9\u662f\u51fa\u91d1\u4e70\u5927\u522b\u91ce\u4e86\u5417\ud83e\udd79<\/p>\n<p>\u6700\u8fd1\u4e00\u5468\u65f6\u95f4\u91cc\uff0cpump. fun \u9879\u76ee\u65b9\u628a 4.05 \u4ebf USDC \u8f6c\u8fdb\u4e86 Kraken\u3002\u7136\u540e\u540c\u671f\u65f6\u95f4\u91cc 4.66 \u4ebf\u7684 USDC \u4ece Kraken \u8f6c\u5230 Circle (USDC \u53d1\u884c\u65b9)\uff0c\u8fd9\u5f88\u53ef\u80fd\u662f\u8fdb\u884c\u4e86\u51fa\u91d1\u3002<\/p>\n<p>\u8fd9\u4e9b\u94b1\u662f pump. fun 6 \u6708\u4efd\u5411\u673a\u6784\u79c1\u52df\u9500\u552e <a href=\"https:\/\/twitter.com\/search?q=%24PUMP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$PUMP<\/a>\u2026 <a href=\"https:\/\/t.co\/16Z7GZ45XZ\">pic.twitter.com\/16Z7GZ45XZ<\/a><\/p>\n<p>\u2014 \u4f59\u70ec (@EmberCN) <a href=\"https:\/\/twitter.com\/EmberCN\/status\/1992775241979097182?ref_src=twsrc%5Etfw\">November 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIs the Pump.fun team cashing out to buy a villa?\u201d they joked.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Users reacted ambiguously to Sapijiju\u2019s explanation. Some called his formulations evasive and said it only raised more questions.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">\u201cwe&#8217;re not involved in the transactions between Kraken and Circle that you&#8217;re alleging us to be a part of.\u201d then admits \u201cWhat&#8217;s happening is a part of pump&#8217;s treasury management, where USDC from the <a href=\"https:\/\/twitter.com\/search?q=%24PUMP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$PUMP<\/a> ICO\u201d definitely didn\u2019t just contradict yourself on a post you had 10 hrs to\u2026<\/p>\n<p>\u2014 voss (@onlyvoss) <a href=\"https:\/\/twitter.com\/onlyvoss\/status\/1993006894085263827?ref_src=twsrc%5Etfw\">November 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cFirst you deny involvement in transactions between Kraken and Circle, and then you explain it as \u2018treasury management\u2019 via moving ICO funds \u2014 that is a clear contradiction. After ten hours preparing the post, could such inconsistencies really not have been avoided?\u201d one user wrote.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Another community member under the nickname EthSheepwhale fully rejected the founder\u2019s arguments, accusing the team of \u201cprice manipulation via airdrops\u201d and \u201cincompetent management that led to the token falling below the ICO level\u201d.<\/p>\n<p>At the time of writing, PUMP trades at $0.0027 \u2014 32% below its primary offering price of $0.004. The coin has also fallen by more than 70% from September\u2019s peaks.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"601\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-0746014138f9179e-10475326258375625-1024x601.png\" alt=\"image\" class=\"wp-image-270468\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-0746014138f9179e-10475326258375625-1024x601.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-0746014138f9179e-10475326258375625-300x176.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-0746014138f9179e-10475326258375625-768x451.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-0746014138f9179e-10475326258375625-1536x902.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-0746014138f9179e-10475326258375625.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of PUMP\/USDT on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/atJ4mYHE\/?symbol=BINANCE%3APUMPUSDT\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Supporters of Pump.fun took a more measured stance. A user under the pseudonym Matty.Sol <a href=\"https:\/\/x.com\/Matty_Solana\/status\/1992963932269527407\">said<\/a> the platform has the right to manage ICO proceeds at its discretion.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">Dismissal\u00a0<\/h2>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a> Gnosis, the organisation behind Safe, CoW Swap, Gnosis Chain and Gnosis Pay, voted to end its cooperation with treasury manager KPK (formerly Karpatkey). The decision was backed by 77% of the community.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">GIP-143 passed on Snapshot \u2705<\/p>\n<p>\u27a1\ufe0f Should the GnosisDAO terminate karpatkey Treasury Management Services?<\/p>\n<p>Link to the proposal \u2b07\ufe0f<a href=\"https:\/\/t.co\/hGkWX2cHoL\">https:\/\/t.co\/hGkWX2cHoL<\/a> <a href=\"https:\/\/t.co\/QTlm8xLRVD\">pic.twitter.com\/QTlm8xLRVD<\/a><\/p>\n<p>\u2014 Gnosis (@gnosis_) <a href=\"https:\/\/twitter.com\/gnosis_\/status\/1992937520188035516?ref_src=twsrc%5Etfw\">November 24, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The termination followed numerous <a href=\"https:\/\/forum.gnosis.io\/t\/gip-143-should-the-gnosisdao-terminate-karpatkey-treasury-management-services\/11791\/33\">complaints<\/a> about high fees and <a href=\"https:\/\/forum.gnosis.io\/t\/gip-143-should-the-gnosisdao-terminate-karpatkey-treasury-management-services\/11791\/12\">unsatisfactory<\/a> performance.\u00a0<\/p>\n<p>KPK charged 1% of assets under management and 20% of generated yield. Users also <a href=\"https:\/\/forum.gnosis.io\/t\/incident-report-balancers-eure-sdai-pool-on-gnosischain\/10230\">pointed<\/a> to $700,000 in losses due to a misconfigured Balancer liquidity pool.\u00a0<\/p>\n<p>The former manager <a href=\"https:\/\/forum.gnosis.io\/t\/gip-143-should-the-gnosisdao-terminate-karpatkey-treasury-management-services\/11791\/37\">acknowledged<\/a> communication problems, but noted that it reduced operating expenses from $6.3m in 2024 to $2.2m in 2025. The company also introduced a $2m cap on fees.<\/p>\n<p>Questions over KPK\u2019s effectiveness arose in other communities too. On Ethereum Name Service forums, participants <a href=\"https:\/\/discuss.ens.domains\/t\/kpk-h1-2025-review-for-the-ens-endowment\/21055\/2\">stated<\/a> that total returns did not even cover inflation.\u00a0<\/p>\n<p>Some also identified factual errors in the return calculations provided by the company.<\/p>\n<p>In September, the DAO of the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">L2<\/a> solution Scroll <a href=\"https:\/\/forklog.com\/en\/news\/scroll-dao-halts-operations-amid-leadership-issues\">paused<\/a> operations after its leader resigned.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pump.fun\u2019s co-founder, Sapijiju, denied reports of a $436m stablecoin cash-out to Kraken.<\/p>\n","protected":false},"author":1,"featured_media":91403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Pump.fun co-founder denies $436m cash-out to Kraken, calls claims misinformation.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,1715],"class_list":["post-91402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-pump-fun"],"aioseo_notices":[],"amp_enabled":true,"views":"121","promo_type":"1","layout_type":"1","short_excerpt":"Pump.fun co-founder denies $436m cash-out to Kraken, calls claims misinformation.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=91402"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91402\/revisions"}],"predecessor-version":[{"id":91404,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91402\/revisions\/91404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/91403"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=91402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=91402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=91402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}