Pump.fun Defends $436M USDC Transfers as On‑Chain Tracing Flags Flows to Kraken and Circle

Overview

• Arkham and other dashboards show $436.5 million in USDC moved to Kraken since Oct. 15 with roughly $537.6 million later routed from Kraken to Circle, a pattern analysts often view as redemptions.
• PUMP trades well below its private sale price at roughly $0.0026 after a weekly drop of about 24%, extending losses since September’s peak.
• Pump.fun‑tagged wallets still hold sizable reserves, reported at more than $855 million in stablecoins and about $211 million in SOL.
• Project revenue slid to $27.3 million in November, its lowest since July, as platform activity cooled and community questions over reserves and disclosures intensified.
• Earlier chain analyses indicate the team sold about 4.19 million SOL between May 2024 and August 2025, and the project faces multiple New York class actions alleging unregistered token sales and misleading conduct.