Pump.fun Co-founder: Company Funds Not Cashed Out, USDC Moved During ICO to Reinvest Operating Capital into Business

BlockBeats News, November 25th, Pump.fun Co-founder and CTO Dylan Kerler posted on social media, stating, "No Pump.fun funds have been cashed out, and we did not participate in the trades between Kraken and Circle as alleged by analysts."

In fact, what happened was a financial maneuver by Pump: the USDC from the PUMP ICO was transferred to a different wallet to allow the company's operating funds to be reinvested into the business. Pump has never directly worked with USDC issuer Circle."

Earlier reports indicated that crypto analysts suggested Pump.fun had recently "withdrawn" over $400 million, with no official communication from the team for over a week.