The anonymous co-founder of Pump.fun, Sapijiju, refuted claims that the project cashed out over $436 million in stablecoins, stating that the accusations from blockchain analytics firm Lookonchain are "completely misinformation."
Sapijiju responded to the report in a post on the X platform, insisting that the transferred funds were not sold. He stated that the USDC came from the initial coin offering (ICO) of the PUMP token and was merely reallocated to internal wallets as part of the company's treasury management process.
Sapijiju said, "What is happening is part of Pump's treasury management, and the USDC from the $PUMP ICO has been transferred to different wallets so that the company's operating funds can be reinvested into the business. Pump has never directly worked with Circle."
Treasury management refers to the allocation, storage, and transfer of a project's funds (such as operating capital, ICO proceeds, or reserves) to ensure continued operations. These transfers do not necessarily indicate sales; they may simply involve wallet restructuring and budgeting for future development.
Cointelegraph has reached out to Lookonchain and Pump.fun for comments but has not received a response as of publication.
Sapijiju's comments came after Lookonchain reported that since mid-October, wallets associated with the Solana meme coin launch platform had transferred $436 million USDC to the cryptocurrency exchange Kraken, which was widely interpreted as a large-scale cash-out.
According to DefiLlama data, these fund transfers coincided with Pump's monthly revenue falling below $40 million for the first time since July, dropping to $27.3 million in November.
Nevertheless, data platforms DefiLlama, Arkham, and Lookonchain show that wallets marked as Pump.fun still hold over $855 million in stablecoins and $211 million in Solana (SOL).
Research analyst Nicolai Sondergaard from the crypto intelligence platform Nansen interpreted this perceived sell-off as a precursor to further sales. However, EmberCN stated that these funds came from institutional private placements of the PUMP token, rather than active selling.
Reactions from the community to Sapijiju's explanation were mixed. Some felt the wording raised more questions, while others supported Pump.fun's right to manage its treasury.
X user Voss pointed out contradictions in the statement, as the co-founder claimed no involvement in the transfers while also stating they were managing the treasury. Voss wrote, "You absolutely cannot contradict yourself in a post where you have 10 hours to respond."
Another community member, EthSheepwhale, completely dismissed Sapijiju's statement and criticized what they described as "price manipulation through airdrops" and poor execution that led to the token trading below its issuance price.
According to CoinGecko, the trading price of the PUMP token is $0.002714, down 32% from its ICO price of $0.004. The token has also fallen nearly 70% from its September high of $0.0085.
Meanwhile, some community members expressed more sympathy, stating that the real issue lies not in wallet liquidity but in the transparency of reserves.
User Matty.Sol stated that Pump.fun has the right to deploy its income and ICO proceeds in the manner it chooses. Matty wrote, "Even if this is true, there’s nothing wrong with it. It’s your own income."
User Oga NFT noted that transferring USDC is something legitimate projects do after an ICO, with the key question being whether the USDC reserves truly support the circulating supply.
Related: Zcash down 30% from November highs: Will ZEC price crash further?
Original article: “Pump.fun co-founder denies $436M cash-out, calls it ‘treasury management’”
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