Pump.fun team believed to have cashed out $400M in USDC

The team behind Pump.fun appears to have cashed out approximately $400 million in USDC, according to a report from EmberCN. The on-chain analysis firm noted that over the past seven days, the Pump.fun team deposited 405 million USDC into Kraken. During the same period, 466 million USDC was transferred from Kraken to Circle, a move EmberCN suggests is highly indicative of a cash-out. The funds were reportedly raised from a private sale of PUMP tokens to institutional investors in June.