Pump.fun’s $400M-Plus USDC Outflows to Kraken Deepen Scrutiny as PUMP Falls 24%

Overview

• On-chain researcher EmberCN traced roughly 405 million USDC sent to Kraken in the past week, with about 466 million USDC moving from Kraken to Circle in the same window.
• Lookonchain reported that since October 15, Pump.fun-linked wallets have deposited approximately 436.5 million USDC into Kraken.
• PUMP has dropped about 22–24% over the past week to around $0.0026, trading below the $0.004 price paid by institutions in the June private round.
• Artemis data shows buyback spending fell 36.5% to $886,000 as the project’s official X account stayed quiet without explaining the transfers.
• Context includes a June sale of 18% of supply that raised an estimated $720 million, insiders holding roughly 55% at launch, reported revenue above $908 million, sizable historical SOL sales, and active class-action suits in New York.