Pump.fun Clarifies Treasury Moves Amid USDC Transfer Allegations

Solana-based platform Pump.fun has denied new claims made by on-chain tracking account Lookonchain, calling the report “complete misinformation.”

The project noted that no funds have been cashed out. The platform firmly pushed back against any involvement in massive USDC transfers between the crypto platform Kraken and Circle, a stablecoin issuing company.

According to a statement shared by the team on X, Pump.fun clarified that it has never worked directly with Circle. The project emphasized that the movements seen on-chain are part of its treasury management. 

Internal Wallet Transfers for Reinvestment 

Additionally, the team disclosed that USDC raised from the PUMPtoken ICO was transferred into several internal wallets. This move enables the company to reinvest its runway into the business. 

The comments follow Lookonchain’s report that 436.5 million USDC linked to Pump.fun had been deposited into Kraken since October 15. The report also noted that during the same period, 537.6 million USDC moved from Kraken to Circle via a wallet, suggesting a possible connection. 

The platform revealed that the assumption is incorrect and highlighted that it is involved in whatever transpired between the two firms. Furthermore, the team noted that, after analysis, the transfer does not constitute cash-outs but rather an internal move. 

Over 4.19 Million SOL Sold 

For clarity, Lookonchain also shared long-term data. It revealed that between May 19, 2024, and August 12, 2025, Pump.fun sold a total of 4.19 million SOL, valued at about $757 million at an average price of $181. Roughly 264,373 SOL of this amount was reportedly sold directly on-chain for $41.64 million, while a much larger 3.93 million SOL (approximately $715.5 million) was deposited into Kraken.  

The Solana-based platform has not disputed the historical SOL numbers but argued that the information concerning recent USDC movements is misleading. The team further explained that these transactions are part of the company’s fund management. The project stated that it is not a sign of the team taking profits or exiting positions. 

Meanwhile, the “complete misinformation,” according to Pump.fun reflects how quickly on-chain can fuel controversy, particularly when it is connected to token issuers and crypto exchanges. controversies like whale wallets manipulating prices, crypto platforms moving customers fund and token issuers secretly moving treasury funds may spark because the crypto market reacts fast and social media amplifies everything, causing speculation and sometimes, misinformation.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now