In accordance with Crypto.News, on-chain activity revealed that the Pump.fun team transferred over $400 million in USDC via Kraken in the previous week, according to an analysis shared by EmberCN on Nov. 24. The transfers, which included 405 million USDC to Kraken and 466 million USDC from Kraken to Circle, have raised questions about the use of private-placement funds. The project had previously raised an estimated $720 million in a private round in June, allocating 18% of the token supply to institutions at $0.004 per token. Analysts noted that insiders and early investors controlled roughly 55% of the supply at launch, which has sparked community concerns about market dynamics. Pump.fun is also facing legal pressure, with several class-action lawsuits filed in New York alleging unregistered token sales and misleading users about returns.
Pump.fun Team Transfers Over $400M in USDC, Raising Scrutiny
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