According to on-chain analyst EmberCN, on January 13, a wallet associated with Pump.fun transferred approximately $148 million worth of USDC and USDT stablecoins to Kraken.
As the analyst noted, the funds to Kraken came from a wallet last active in mid-2025.
In total, since November 15, 2025, Pump.fun has sent approximately $753 million in stablecoins to Kraken. According to blockchain data, all of these funds were raised through the initial coin offering of the PUMP cryptocurrency.
Neither Pump.fun nor Kraken have publicly commented on the purpose of this latest transfer. The scale and consistency of these deposits have attracted the attention of market participants, especially given the platform's central role in the Solana memecoin economy.
Pump.fun has previously denied claims that such transfers are related to withdrawals or liquidations. The team explained the previous transactions as routine treasury management, including diversification, operating expenses, and preparation for reinvestment.
Experts point out that the transfers are occurring during challenging times for the platform. The latest transfer occurred amid increased scrutiny of Pump.fun, including complaints about its previous reward structure for creators and slower revenue growth compared to peak memecoin trading periods. Furthermore, a court ruling is expected at the end of January on a civil lawsuit accusing the company of racketeering and insider trading.