Pump.fun Transfers $148 Million in Stablecoins to Kraken Exchange
A major stablecoin transfer from Pump.fun to Kraken raises scrutiny over the memecoin launchpad’s management of ICO proceeds amid wider crypto market activity.
ETH
Summary
On January 13, 2025, a wallet linked to Pump.fun deposited approximately $148 million in stablecoins into Kraken. The funds are part of ongoing transfers from the $PUMP ICO, which have totaled 753 million tokens since November 2024. The transfer has renewed attention on how Pump.fun allocates ICO proceeds. Concurrently, Bitmine expanded Ethereum staking by 154,000 ETH valued at $4.15 billion, and former New York City Mayor Eric Adams launched the NYC Token, which saw an initial price surge followed by a decline after market opening.
Terms & Concepts
- USDC (USD Coin): A U.S. dollar-pegged stablecoin designed to maintain a 1:1 value with the U.S. dollar.
- USDT (Tether): A widely-used stablecoin pegged to the U.S. dollar, facilitating digital transactions and liquidity.
- ICO (Initial Coin Offering): A fundraising method in which new cryptocurrency projects sell their tokens to early investors.