A large on-chain transfer linked to Pump.fun has renewed scrutiny around how the memecoin launchpad is managing proceeds from its token sale.
According to on-chain analyst EmberCN, a wallet associated with Pump.fun deposited approximately $148 million in USDC and USDT to the Kraken exchange on January 13. The funds were transferred within a short time window and are traceable to wallets connected to the PUMP token sale conducted in mid-2025.
The transaction continues a pattern of sizable exchange-bound transfers that have been occurring regularly over the past two months. Blockchain data shows that since November 15, Pump.fun-linked wallets have sent a combined $753 million in stablecoins to Kraken, all originating from ICO-related addresses.
In previous instances, some of the stablecoins deposited to Kraken were later observed moving toward Circle-affiliated addresses, suggesting possible redemptions or internal treasury operations. However, neither Pump.fun nor Kraken has publicly commented on the purpose of the latest transfer.
Ongoing questions around treasury use
Pump.fun has previously rejected claims that these movements represent liquidation or cash-outs. Team members have described similar transfers as part of routine treasury management, including diversification, operational expenses, and preparation for reinvestment.
Still, the scale and consistency of the deposits have drawn attention, particularly given Pump.fun’s central role in Solana’s memecoin ecosystem. The latest transfer arrives amid broader scrutiny of the platform, including criticism of its earlier creator fee structure and concerns about slowing revenue compared with peak periods of memecoin trading activity.
Earlier this month, co-founder Alon Cohen acknowledged shortcomings in the prior fee model, stating that it incentivized token creation over active trading. He outlined plans to rebalance incentives toward traders and liquidity providers.
Legal backdrop and market response
The timing of the transfer also coincides with ongoing legal pressure. A court decision is expected later this month in an amended civil lawsuit accusing Pump.fun of racketeering and insider trading. While the transfer is not directly linked to the case, it has intensified calls for greater transparency around governance and treasury operations.
Market reaction to the latest movement has been muted rather than volatile, consistent with responses to previous transfers. Observers continue to monitor on-chain activity for further movements or an official statement from Pump.fun regarding its treasury strategy.
