Key Insights:
- Pump.fun co-founder denies $436 million cash-out allegations from Lookonchain.
- Sapijiju claims USDC transfers represent treasury management, not selling.
- The platform has moved $436.5 million USDC to Kraken since October 15.
Pseudonymous Pump.fun co-founder Sapijiju rejected claims that the project cashed out more than $436 million in stablecoins.
The response came after blockchain analytics firm Lookonchain reported large USDC movements to cryptocurrency exchange Kraken.
Sapijiju called the allegations “complete misinformation” in a post on X. The co-founder insisted that none of the transferred funds were sold.
Pump.fun Co-Founder Rejects Cash-Out Claims
The November 24 X post from Sapijuju stated, “$0 has been cashed out – we’re not involved in the transactions between Kraken and Circle that you’re alleging us to be a part of.”
The response addressed Lookonchain’s tracking of wallet movements over 40 days. The co-founder clarified that USDC from the PUMP ICO was transferred into different wallets.
Sapijiju explained the transfers involved moving funds between company-controlled wallets rather than liquidating positions.
He stated the USDC originated from the PUMP token’s initial coin offering and was redistributed to internal wallets as part of treasury management.
Treasury management involves allocating, storing, and moving funds such as operating capital, ICO proceeds, or reserves.
Pump.fun Response Comes After Over 10 Hours of The News
The co-founder emphasized Pump.fun never directly worked with Circle despite USDC flows between Kraken and the stablecoin issuer.
The denial came approximately 10 hours after Lookonchain’s initial report gained popularity on social media.
User Voss pointed out apparent contradictions in the statement. The reply highlighted Sapijiju first claiming no involvement in Kraken-Circle transactions, then admitting USDC movement from the PUMP ICO.
The user suggested the response contained a self-contradiction after having substantial time to formulate an answer.
Projects commonly move ICO proceeds between wallets for operational purposes, including development funding, marketing budgets, and reserve management.
Lookonchain Reports $436 Million USDC Movement To Kraken
Lookonchain published data showing Pump.fun deposited $436.5 million USDC into Kraken since October 15.
The blockchain analytics firm tracked flows of $537.6 million USDC from Kraken to Circle through wallet DTQK7G during the same period.
The report mentioned historical Solana sales totaling 4.19 million tokens worth $757 million at an average price of $181 per token. The sales occurred between May 19, 2024, and August 12, 2025.
The analytics broke down SOL liquidation methods, showing 264,373 SOL dumped on-chain for $41.64 million. The remaining 3.93 million SOL, worth $715.5 million, moved to the Kraken exchange.
Data platforms DefiLlama, Arkham, and Lookonchain showed Pump.fun related wallets still held over $855 million in stablecoins. The platforms tracked an additional $211 million in Solana holdings across associated addresses.
Mixed community responses surfaced following Pump.fun co-founder Sapijiju’s statement. Some users challenged the explanation’s internal consistency while others defended the project’s right to manage funds.
User Matty.Sol stated that platforms have the authority to deploy revenue and ICO proceeds according to business needs.
The comment emphasized “Nothing wrong even if it’s true. It’s your own revenue tho,” supporting discretionary treasury management.
User Oga NFT argued that moving USDC should be a standard practice for legitimate projects following initial coin offerings. The statement questioned whether USDC reserves truly backed the circulating supply rather than focusing on transfer mechanics.
Pump.fun Revenue Declines Below $40 Million Monthly
Platform revenue of Pump.fun fell below $40 million monthly for the first time since July, according to DefiLlama data.
November revenue reached $27.3 million, which is a 31.75% drop from the $40 million threshold. Monthly performance tracking showed consistent revenue above $40 million from July through October before the November decline.
DefiLlama tracking showed revenue volatility across previous months with peaks exceeding $50 million during high-activity periods.
The platform reached maximum monthly revenue during the meme coin market expansion earlier in the cycle.