EddieJayonCrypto
30 Jan 25
Pump.fun, a controversial Solana-based memecoin launchpad, has deposited $407 million worth of SOL into the crypto exchange Kraken in the past year, according to Lookonchain. It has also sold 264,373 SOL for $41.64 million worth of USDC and earned a total of 2.57M SOL worth $588.6 million. The platf...
Pump.fun, a controversial Solana-based memecoin launchpad, has deposited $407 million worth of SOL into the crypto exchange Kraken in the past year, according to Lookonchain. The platform has also sold 264,373 SOL for $41.64 million worth of the stablecoin USDC and earned a total of 2.57M SOL worth $588.6 million. Pump.fun, launched in January 2024, aims to streamline coin launches without requiring liquidity seeding. However, it faces controversy and potential legal action from Burwick Law due to concerns about illicit activities on the platform and the anonymous identity of its creator.
Earlier this month, the digital asset litigation firm Burwick Law announced it planned to pursue legal action against Pump.fun on behalf of people who’ve invested in the launchpad’s memecoins. Pump.fun continues to rake in massive fees, including a record-setting $15.38 million on January 25th, according to the decentralized finance data aggregator DeFiLlama. The platform's controversial nature and substantial earnings have sparked significant attention and raised serious concerns about transparency and accountability.