#pumpcoin Pump.fun co-founder denies cashing out ICO funds.
Pump.fun co-founder Sapijiju rejected allegations that the platform cashed out hundreds of millions of dollars in stablecoin, responding directly to claims made by on-chain analytics account Lookonchain.
Sapijiju called the allegation “complete misinformation” and stated that no funds had been cashed out, according to statements posted on social media. The co-founder denied involvement in transactions Lookonchain linked to cryptocurrency exchange Kraken and stablecoin issuer Circle.
The movements flagged by Lookonchain were related to Pump.fun’s internal treasury management, redistributing stablecoin raised from the initial coin offering into different wallets so the company’s operational funds could be reinvested into the business, according to Sapijiju. The co-founder added that Pump.fun has never directly worked with Circle.
Lookonchain had claimed that, over a recent period, Pump.fun deposited large sums into Kraken and that funds moved from Kraken to Circle via an identified wallet. The analytics account also alleged substantial on-chain sales and deposits of the platform’s native blockchain token during a separate multi-month period.$PUMP
