Pump.fun Faces Cash-Out Suspicions After $436 Million Transfer

Crypto platform Pump.fun is facing scrutiny for potential withdrawals following a massive transfer of funds to Kraken worth $436 million in USDC. The allegations come amidst declining revenues and the dramatic slump in the PUMP token’s price, leading to divided opinions within the crypto community. Analysis of the blockchain transactions has raised suspicion of a cash-out operation. Pump.fun, however, insists that these movements are part of a strategic treasury management plan for the project.