Pump.fun-Linked Wallet Sends $148M Stablecoins to Kraken Again

TheNewsCryptoPubblicato 2026-01-13Pubblicato ultima volta 2026-01-13

Introduzione

An on-chain analyst reported that a wallet linked to Pump.fun transferred approximately $148 million in USDC and USDT to Kraken, continuing a pattern of large transfers observed over the past two months. These funds originated from Pump.fun's mid-2025 token sale. Since November 15, a total of $753 million in stablecoins from the PUMP ICO proceeds has been moved to Kraken. Pump.fun has previously stated these are routine treasury operations for diversification and reinvestment, not liquidations. The latest transfer occurs amid increased scrutiny of the platform's fee structure and slowing revenue growth. Neither Pump.fun nor Kraken has publicly commented.

EmberCN, an on-chain analyst, revealed today that a wallet linked with Pump.fun has deposited around $148 million in stablecoins to Kraken. This transaction sees a continuing pattern of huge exchange-bound transfers seen in the last two months.

The data also reveals that the recent deposit included USDC and USDT shifted to Kraken in a short time span. It is noteworthy that the funds were initiated from wallets associated with the Pump.fun’s token sale occurred in mid-2025.

After this transfer, the total amount sent to Kraken since Nov. 15 is around $753 million in stablecoins. All the funds find their origin in proceeds from the PUMP initial coin offering, based on publicly visible wallet activity.

The same movements have been witnessed at regular intervals since late 2025, mostly consisting of nine-figure sums. Sometimes, stablecoins deposited to Kraken were then observed titting toward Circle-associated addresses, indicating probable redemptions or internal treasury operations.

No Public Comments Have Been Made

Both Pump.fun and Kraken have chosen not to comment publicly on the matter of the recent transfer. The pace and consistency of these deposits have captivated the attention of crypto markets, mainly Pump.fun’s crucial role in the memecoin economy of Solana.

Before this, Pump.fun has opposed claims that these transfers show cash-outs or liquidation activity. Team members have reported that past movements are routine treasury management, adding diversification, operational spending and preparation for reinvestment.

Still, the timing has ignited debate once again. The most recent transfer has come at a time of increased scrutiny of the platform, including complaints regarding its last creator fee structure and reduced revenue growth as contrasted to periods of peak memecoin trading.

The co-founder of the firm, Alon Cohen, accepted the flaws in the last fee model earlier this month. He gave out a new strategy that would move incentives away from volume-influenced token launches and toward traders and liquidity.

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Domande pertinenti

QWhat was the total amount of stablecoins transferred to Kraken by the Pump.fun-linked wallet since November 15th, and what was the source of these funds?

AThe total amount transferred to Kraken since November 15th is around $753 million in stablecoins. All the funds originated from proceeds from the PUMP initial coin offering, based on publicly visible wallet activity.

QAccording to the article, what reason has the Pump.fun team given for these large, regular transfers to Kraken?

AThe Pump.fun team has reported that these transfers are for routine treasury management, including diversification, operational spending, and preparation for reinvestment. They have opposed claims that the transfers show cash-outs or liquidation activity.

QWhat specific stablecoins were included in the recent $148 million deposit to Kraken, and how were they transferred?

AThe recent deposit included USDC and USDT, which were shifted to Kraken in a short time span.

QWhat recent change did Pump.fun's co-founder, Alon Cohen, announce regarding the platform's fee model?

AAlon Cohen acknowledged flaws in the previous fee model and announced a new strategy that would move incentives away from volume-influenced token launches and toward traders and liquidity.

QBeyond the transfers themselves, what does the article state sometimes happened to the stablecoins after they were deposited into Kraken?

ASometimes, after being deposited to Kraken, the stablecoins were then observed moving toward Circle-associated addresses, indicating probable redemptions or internal treasury operations.

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