Pump.Fun’s $500 million pre-sale token is permanently locked as it does not have a withdrawal feature in the smart contract. A detailed analysis showed that these fears were unfounded.
Over the weekend, X-user Camol claims that Pump.fun’s $Pump Presale contract has no withdrawal capabilities, suggesting that the funds raised have been locked forever because the smart contracts are immutable.
“This effectively locks in the $500 million raised permanently locked because we can’t update smart contracts,” the user wrote in X’s Saturday post, which earned over 780,000 views.
After some of the Crypto Community questioned the validity of the claim, Camol doubled saying that it would use “JSON SQL Sugartown Ora Cores Security” to verify the status of the contract.
Related: Pump.Fun Token Sale has been confirmed, and banned BIBit for European-based users
Pump.Fun’s Presale Fund is not locked
In an analysis shared with Cointelegraph, Crypto Security company Hacken explained that there are two different tokens in the Solana blockchain, named “pumps (pumps).”
They said one is a test or fake token with minimal holders and no trades, while the other is a legitimate pump token linked to official ICOs and active market activities. Real Token boasts over 10,000 holders, consistent with the announcement of official distribution from Pump.Fun.
Hacken has confirmed that smart contracts for legitimate tokens do not include a “retract” feature. However, this is not uncommon and is widely applicable to Solana SPL and Ethereum ERC-20 tokens.
They also rejected the claim that the lack of withdrawal function meant that the funds were locked or lost. “The idea of a ‘breeding feature’ is irrelevant and does not apply because there was no decentralized exchange (DEX) list at the time of launch,” Hacken said.
The Hacken team also confirmed that the toconomy shown in Solana Explorers matched the commonly reported figures, confirming that the majority of tokens sold during the ICO and the 85% held by developer-related wallets confirm allocation transparency.
Related: Letsbonk overtakes Pump.fun: Are Solana Memecoins back forever?
Pump.Fun ICO sold out in minutes
On Saturday, Pump.Fun managed to raise $500 million in its first coin product (ICO) sold out in just 12 minutes. The total supply of pump tokens is $1 trillion, with 33% allocated to ICOs, 24% reserved for ecosystems and future projects, and 13% reserved for existing investors.
Of the ICO portion, 18% were sold to institutional investors and 15% to retailers.
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