#pumpcoin The founder denies withdrawing ICO funds.

The founder of Pump.fun, Sabijigo, rejected allegations that the platform withdrew hundreds of millions of dollars from the stablecoin, directly responding to claims made by the on-chain analytics account Lookonchain.

Sabijigo described the accusation as "completely misleading" and confirmed that no funds were withdrawn, according to data published on social media. The founder denied any involvement in the transactions that Lookonchain linked to the cryptocurrency exchange Kraken and the stablecoin issuer Circle.

The movements referred to by Lookonchain were related to the internal treasury management of Pump.fun, where the stablecoin collected from the initial coin offering was redistributed to different wallets so that the company's operational funds could be reinvested into the business. According to Sabijigo, the founder added that Pump.fun did not cooperate directly with Circle.

Lookonchain claimed that, during a recent period, Pump.fun deposited large amounts into Kraken and that the funds moved from Kraken to Circle via a specific wallet. The analytics account also claimed significant sales and deposits on-chain for the platform's native blockchain token over a span of several months.$PUMP