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3d ago

Pump.fun Moves $75 Million in USDC to Kraken, Renewing Questions Over Redemption Signals

The co-founder says the transfers reflect routine treasury management rather than a cash-out.

Pump.fun team moves another $75m to kraken as cash out claims intensify

Overview

  • The latest deposit brings reported USDC transfers to Kraken to roughly $480 million since November 15, according to EmberCN.
  • Soon after the $75 million arrived, about $69.26 million USDC moved from Kraken to Circle, echoing flows analysts associate with redemptions.
  • Pump.fun’s co-founder maintains the transfers come from ICO proceeds redistributed across wallets to support operations and development.
  • PUMP trades near $0.00294, down about 38% over the past month, and Coincodex flags elevated downside risk with an Extreme Fear score of 15.
  • The project faces New York class-action lawsuits and ongoing scrutiny over token allocations, even as Dune data shows more than $910 million in cumulative revenue.