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Tuesday Nov 25 2025 09:20
2 min
Pseudonymous Pump.fun co-founder Sapijiju rejected claims that the project cashed out more than $436 million in stablecoins, calling the allegations “complete misinformation” from blockchain analytics firm Lookonchain. In an X post, Sapijiju addressed the report, insisting that none of the transferred funds were sold. He stated the USDC originated from the PUMP token’s initial coin offering (ICO) and was simply redistributed to internal wallets as part of the company’s treasury management process.
“What’s happening is a part of Pump’s treasury management, where USDC from the $PUMP ICO has been transferred into different wallets so the company’s runway can be reinvested into the business,” Sapijiju clarified. He emphasized that Pump has never directly worked with Circle.
Treasury management occurs when a project allocates, stores, and moves its funds—such as operating capital, ICO proceeds, or reserves—to ensure continued operation. Transfers don't necessarily indicate selling; they can simply involve wallet reorganization and budget preparation for future developments.
Sapijiju's comments followed Lookonchain's report that wallets linked to the Solana memecoin launchpad had moved $436 million in USDC to the crypto exchange Kraken since mid-October, widely interpreted as a large-scale cash-out. The fund movements coincided with Pump's monthly revenue falling below $40 million for the first time since July, declining to $27.3 million in November, according to DefiLlama data.
Despite this, data platforms DefiLlama, Arkham, and Lookonchain showed that the Pump.fun-tagged wallet still holds over $855 million in stablecoins and $211 million in Solana (SOL). Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen, interpreted the perceived sell-off as a precursor to further selling. However, EmberCN said that the funds originated from institutional private placements of the PUMP token, rather than active dumping.
The community’s response to Sapijiju’s explanation was divided. Some argued that the wording raised more questions, while others supported Pump.fun’s right to manage its own treasury. X user Voss stated that there were contradictions in the statement, as the co-founder claimed not to be involved in the transfer while also stating they were managing their treasury. Meanwhile, some community members offered more sympathy, stating the real issue lies beyond wallet flows and in transparency about reserves.
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