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Co-Founder Sapijiju Denies $436.5 Million USDC Cash-Out via Kraken

Co-Founder Sapijiju Denies $436.5 Million USDC Cash-Out via Kraken

Sapijiju rejects Lookonchain’s claim of large USDC withdrawals, explaining the movements were reinvested ICO funds managed across multiple wallets without direct ties to Circle.

USDC

Summary

Pump.fun co-founder Sapijiju refuted Lookonchain’s allegation of cashing out 436.5 million USDC via Kraken since October 15. He clarified the USDC transfers stemmed from company fund management, involving redistribution of ICO proceeds into multiple wallets for reinvestment. Sapijiju emphasized Pump.fun has never had a direct partnership with Circle.

Terms & Concepts
  • USDC: A stablecoin pegged to the U.S. dollar, used for digital transactions and value storage.
  • Kraken: A U.S.-based cryptocurrency exchange offering trading, staking, and other crypto services.
  • Lookonchain: A blockchain analytics platform that tracks and reports cryptocurrency transactions and wallet activities.