Pump.fun Transfers $480 Million USDC to Kraken, Raising Regulatory Concerns

Pump.fun has transferred a significant amount of USDC – $480 million – to Kraken exchange. This transfer, which follows similar activity involving Circle, is raising eyebrows in the crypto sphere due to its large scale. The company claims these transfers are for treasury management purposes and have not involved any cash-outs. While Pump.fun leadership maintains this stance, market participants remain skeptical. 69.26 million USDC was subsequently transferred from Kraken to Circle, sparking speculation about possible USDC redemption activities. This has created uncertainty in the market as it raises concerns over USDC liquidity and market manipulation.