{"id":16588,"date":"2025-11-25T15:43:03","date_gmt":"2025-11-25T15:43:03","guid":{"rendered":"https:\/\/bitunikey.com\/news\/pump-fun-co-founder-denies-cashing-out-ico-funds\/"},"modified":"2025-11-25T15:43:06","modified_gmt":"2025-11-25T15:43:06","slug":"pump-fun-co-founder-denies-cashing-out-ico-funds","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/pump-fun-co-founder-denies-cashing-out-ico-funds\/","title":{"rendered":"Pump.fun co-founder denies cashing out ICO funds"},"content":{"rendered":"

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Pump.fun co-founder Sapijiju rejected allegations that the platform cashed out hundreds of millions of dollars in stablecoin, responding directly to claims made by on-chain analytics account Lookonchain.<\/p>\n

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\n Summary<\/span>\n <\/div>\n
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  • Sapijiju called the allegation \u201ccomplete misinformation\u201d and stated that no funds had been cashed out.<\/li>\n
  • The movements flagged by Lookonchain were related to Pump.fun\u2019s internal treasury management.<\/li>\n
  • Lookonchain had claimed that, over a recent period, Pump.fun deposited large sums into Kraken and that funds moved from Kraken to Circle via an identified wallet. <\/li>\n<\/ul><\/div>\n<\/div>\n

    <\/p>\n

    Sapijiju called the allegation \u201ccomplete misinformation\u201d and stated that no funds had been cashed out, according to statements posted on social media. The co-founder denied involvement in transactions Lookonchain linked to cryptocurrency exchange Kraken and stablecoin issuer Circle.<\/p>\n

    The movements flagged by Lookonchain were related to Pump.fun\u2019s internal treasury management, redistributing stablecoin raised from the initial coin offering into different wallets so the company\u2019s operational funds could be reinvested into the business, according to Sapijiju. The co-founder added that Pump.fun has never directly worked with Circle.<\/p>\n

    Lookonchain had claimed that, over a recent period, Pump.fun deposited large sums into Kraken and that funds moved from Kraken to Circle via an identified wallet. The analytics account also alleged substantial on-chain sales and deposits of the platform\u2019s native blockchain token during a separate multi-month period.<\/p>\n

    <\/p>\n

    Sapijiju receives mixed reactions<\/strong><\/h2>\n

    Some observers noted an apparent contradiction between the team\u2019s denial of involvement in Kraken and Circle transactions while acknowledging that the stablecoin moves were part of treasury management from the ICO. Others welcomed the team\u2019s engagement with the community, noting that treasury management is often mistaken for cash-outs.<\/p>\n

    Critics questioned the team\u2019s strategy and warned about potential token value decline. Some community members urged the team to provide proof that stablecoin reserves fully back the circulating supply.<\/p>\n

    Pump.fun\u2019s ICO earlier this year raised a substantial sum in minutes after selling a portion of the total supply in a public offering, according to reports. Initially, one-third of the token supply had been allocated to the ICO, with portions reserved for institutional buyers and the public sale, though only part of the public allocation was sold.<\/p>\n

    Days before the ICO, cryptocurrency exchange Gate.io canceled the token\u2019s pre-market listing and refunded presale participants, later stating the decision followed discussions with the Pump.fun team.<\/p>\n

    Last year, the Solana-based meme coin launchpad temporarily paused its livestream feature after it was exploited for disturbing acts, including threats of self-harm and violence tied to token performance, according to the platform. Rapid growth in livestream activity overwhelmed moderation systems, prompting Pump.fun to expand its moderation team and improve automated and human oversight.<\/p>\n

    <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    Pump.fun co-founder Sapijiju rejected allegations that the platform cashed out hundreds of millions of dollars in stablecoin, responding directly to claims made by on-chain analytics account Lookonchain. Summary Sapijiju called…<\/p>\n","protected":false},"author":1,"featured_media":7187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/16588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=16588"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/16588\/revisions"}],"predecessor-version":[{"id":16589,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/16588\/revisions\/16589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/7187"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=16588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=16588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=16588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}