Address linked to Pump.fun deposits $148 million in USDC and USDT to Kraken

The massive on-chain transfer linked to Pump.fun has brought new focus to how Memecoin Launchpad handles the proceeds of token sales.

Wallets associated with Pump.fun deposited approximately $148 million in stablecoins into Kraken on January 13, according to data from on-chain analyst EmberCN.

The transaction continues a pattern of large-scale currency transfers seen over the past two months.

$148M Transfer Increases Months of Flow to Kraken

Blockchain data shows that the latest deposits made up of USDC and USDT moved to Kraken in a short period of time. EmberCN pointed out that the funds originated from a wallet associated with a Pump.fun (PUMP) token sale that took place in mid-2025.

This transfer brings the total amount of stablecoins transferred to Kraken since November 15th to approximately $753 million. All funds are tracked back to the proceeds from PUMP’s initial coin offering based on publicly visible wallet activity.

Similar moves have been occurring regularly since late 2025, often in nine-figure sums. In some cases, stablecoins deposited with Kraken were later observed moving to Circle-related addresses, suggesting possible redemptions or internal financial operations.

Neither Pump.fun nor Kraken have publicly commented on the purpose of the move. The size and consistency of these deposits has garnered attention across the crypto market, especially given Pump.fun’s central role in Solana’s meme coin economy.

Financial management, issues and unanswered questions

Pump.fun has previously pushed back against claims that such transfers represent cash-out or liquidation activity. Team members explain that past moves have been made as part of day-to-day financial management, including diversification, operational spending, and preparation for reinvestment.

Still, the timing has fueled the debate. The recent transfer comes amid increased scrutiny of the platform, including complaints about its previous creator fee structure and slowing revenue growth compared to the peak of memecoin trading.

Co-founder Aron Cohen acknowledged flaws in the previous pricing model earlier this month. He presented a new strategy that shifts the incentives from volume-driven token launches to traders and liquidity.

At the same time, the company continues to face legal scrutiny. A court decision is expected later this month on the amended civil suit accusing Pump.fun of extortion and insider trading. While the recent moves are not directly related to this incident, they raise new questions about transparency and governance.

As with past transfers, the market reaction was cautious rather than sudden. Observers continue to monitor the incident and await any further movement or official response from the team.