Pump.fun-linked address deposits $148M in stablecoins to Kraken

An address presumed to belong to the Pump.fun (PUMP) team deposited stablecoins worth $148 million to Kraken about an hour ago, according to EmberCN. The funds are reportedly proceeds from the project's initial coin offering. Over the past two months, since Nov. 15 of last year, the team has deposited a total of $753 million in stablecoins to the exchange. While the industry has raised suspicions that the transfers are intended for cashing out, the Pump.fun team has previously denied these claims.