Pump.fun's co-founders denied that the project cashed out USDC through Kraken.

In response to Lookonchain's claim that "pump.fun has cashed out at least 436.5 million USDC through Kraken since October 15th," Pump.fun co-founder Sapijiju stated: "This is completely false. Pump.fun has never cashed out (i.e., the transactions between Kraken and Circle that Lookonchain alleges Pump.fun is involved in). The actual situation is that this is part of Pump's fund management; the USDC obtained from the PUMP ICO has been transferred to different wallets to reinvest the company's operating funds into its business. Pump has never directly cooperated with Circle."