A pseudonymous co‑founder of Pump.fun, known as Sapijiju, rejected recent claims that the platform withdrew over $436 million in stablecoins.
The co‑founder stated in a post on X that the USDC transactions stemmed from the platform’s ICO and were conducted through the internal treasury rather than as sales.
Sapijiju also clarified that no funds had been sold, and Pump.fun did not interact directly with Circle.
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This clarification came after Lookonchain, a blockchain analytics firm, reported that wallets linked to Pump.fun transferred $436 million in USDC to Kraken
$529.46M
since October.
Meanwhile, DeFiLlama data showed a drop in the platform’s monthly revenue, from over $40 million to roughly $27.3 million in November.
DefiLlama, Arkham, and Lookonchain all showed that Pump.fun’s wallet still held more than $855 million in stablecoins, as well as about $211 million in Solana
The timing of these on-chain transfers sparked discussion among analysts. Some believed they could reflect future sales, while others argued that these were institutional allocations from the ICO rather than open-market sales.
Some users questioned potential inconsistencies in Sapijiju’s statements. However, one X user stated that Pump.fun is allowed to transfer treasury funds as they see fit, and that such allocations are normal for project growth.
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