- Pump.fun co-founder says Lookonchain’s report is misleading.
- Lookonchain raised an alarm over Pump.fun’s ICO funds movement.
- Sapijiju says transferring ICO funds is part of Pump.fun’s management process.
Pump.fun’s anonymous co-founder Sapijiju has dismissed a report by Lookonchain, a crypto analysis platform, claiming the blockchain project cashed out on a recent ICO. According to Sapijiju, the post by Lookonchain constitutes “complete misinformation.”
Pump.fun Suspicious ICO Funds Movement
On Monday, November 24, Lookonchain posted on X, stating that Pump.fun cashed out at least 436.5 million USDC since October 15, depositing the funds into the Kraken cryptocurrency exchange. According to the analysis platform, 537.6 million USDC flowed from Kraken to Circle via a particular wallet during this period.
Lookonchain further noted that Pump.fun sold a total of 4.19 million SOL, equivalent to $757 million, at an average price of $181 per token, between May 19, 2024, and August 12, 2025, of which it dumped 264,373 SOL on-chain for $41.64 million, while dissipating 3.93 million SOL into Kraken.
Typically, such a report by Lookonchain triggered discussions across the cryptocurrency ecosystem, with several crypto community members providing hypotheses about the reasons behind Pump.fun’s moves.
Related: Pump.fun Acquires Padre for Faster Multi-Chain Trading on Solana and EVM
Nothing But a Regular Routine
Despite widespread suspicion, the majority of the discussants did not suspect a rugpull. Instead, some suspected a form of manipulation, where the project team could move funds around to make a profit.
In the meantime, Sapijiju has categorically dismissed any rumors of manipulation via his official X account. According to him, the funds movement observed by Lookonchain is part of the project’s treasury management procedures. Sapijiju stated that the process involves transferring USDC acquired during the Pump ICO to different wallets to enable the reinvestment of the company’s runway into the business. He further clarified that Pump.fun has never worked with Circle directly.
Related: Pump.fun Price Prediction: Buyers Step In As Project Expands Buybacks But Trendline Caps Recovery
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