Pump.fun denies cashing out $400M in USDC

The team behind Pump.fun has denied allegations that it cashed out $400 million in USDC, stating that it has not liquidated a single dollar. The denial follows a claim from on-chain analytics firm Lookonchain that spread rapidly online. Lookonchain had previously reported that a wallet associated with the Pump.fun team deposited 405 million USDC to Kraken. The firm also noted that during the same period, 466 million USDC was transferred from Kraken to Circle, a move it suggested was highly likely a cash-out. Lookonchain asserted that these funds were raised through a private sale of PUMP tokens to institutional investors in June.