Pump.fun Co-Founder Rejects Claims of ICO Fund Misappropriation, Labels Them as 'Misinformation'
The co-founder of Pump.fun, Sapijiju, has denied allegations of cashing out $436.5 million in ICO funds, calling the claims complete misinformation.
Pseudonymous Pump.fun co-founder Sapijiju has completely rejected claims that the platform cashed out $436.5 million USDC. In a response to allegations made by the on-chain analytics platform Lookonchain, he branded the claims as “complete misinformation” and further asserted that “$0 has been cashed out.”
According to Sapijiju, the flagged transactions were related to Pump.fun’s internal treasury management, specifically the strategic redistribution of USDC raised from the PUMP token ICO. He clarified that the company had not collaborated directly with Circle, a stablecoin issuer.
Overview of USDC Transfers
The disputed movements indicated by Lookonchain linked Pump.fun to transactions on the crypto exchange Kraken and stablecoin issuer Circle. The early reports claimed that since October 15, Pump.fun had deposited 436.5 million USDC into Kraken while 537.6 million USDC moved from Kraken to Circle through a specific wallet.
Furthermore, Lookonchain disclosed that between May 19, 2024, and August 12, 2025, Pump.fun had sold 4.19 million SOL for a total of $757 million, with some transactions raising concerns about market manipulation.
Community Reactions
The response from Sapijiju has evoked mixed reactions within the community. While some pointed out inconsistencies in his statements about treasury management and alleged cash-outs, others expressed relief that the team remains active and responsive. Critics continue to question the viability of their emergency strategies and demand transparency regarding their USDC reserves.
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Controversies
The ICO for Pump.fun has been under scrutiny since its inception, raising $500 million in just 12 minutes. Concerns also arose when the crypto exchange Gate.io unexpectedly canceled its pre-market listing close to the ICO date. Despite these issues, the platform has continued to evolve, addressing its challenges with improved moderation following controversies stemming from its livestream feature.
