Pumpfun Accused of Token Dumping Amid Massive USDC Transfers to Kraken
The post Pumpfun Accused of Token Dumping Amid Massive USDC Transfers to Kraken appeared on BitcoinEthereumNews.com.
The Pumpfun team has been accused of dumping the token’s price as it continues to decline. This came as on-chain data flags massive transfers of USDC linked to the platform’s ICO proceeds to Kraken for sell-offs. Pumpfun Faces USDC Sales Allegations Blockchain trackers have again identified another round of major USDC movements linked to the project’s treasury. Per data from EmberCN, the platform transferred 75 million USDC to Kraken within an eight-hour window. This brings the total amount moved to 480 million USDC. Source: X The Pumpfun team said these were just normal transfers for its treasury. However, data showed that Kraken made a transfer of 69.26 million USDC to Circle after receiving the funds. Experts say this is most likely a sell-off. Also, Lookonchain shared that they had already sold $757 million in SOL between May 2024 and August 2025. It appears https://t.co/C909I8882s has cashed out at least 436.5M $USDC since Oct 15. Since Oct 15, https://t.co/C909I8882s has deposited 436.5M $USDC into#$Kraken. During the same period, 537.6M $USDC flowed from #Kraken to #Circle through wallet DTQK7G. Between May 19, 2024… pic.twitter.com/WQGnUcA8l4 — Lookonchain (@lookonchain) November 24, 2025 The platform generated $136 million in revenue in January. It has now fallen to $38 million. The implication here is that user activity is reducing. Co-founder Sapijiju on the platform strongly pushed back against the claim. He argued that the flagged transactions were misconstrued. In a public statement, he described the USDC movements as part of standard treasury management. “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. pump has never directly worked with Circle,” he said. These latest transfers could weigh on trust tied to Pumpfun’s buyback program. They…
Filed under: News - @ November 27, 2025 5:21 am