The controversial Solana-based memecoin launchpad Pump.fun has deposited $407 million worth of SOL into the crypto exchange Kraken in the past year, according to the digital asset tracker Lookonchain.
Lookonchain also notes that Pump.fun, which launched in January 2024, sold 264,373 SOL for $41.64 million worth of the stablecoin USDC.
The memecoin launchpad has reportedly earned a total of 2.57M SOL worth $588.6 million.Â
Pump.fun aims to make it easy to launch coins without having to seed liquidity.
The platform has garnered controversy: 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.
“This announcement follows months of working alongside everyday people that have lost significant amounts of money to memecoins, rugs, and unfulfilled promises.
In the past few months, pumpdotfun has collected hundreds of millions of dollars in fees while illicit drug use, self-harm, racism, antisemitism, lewd acts, bestiality, violent and other antisocial acts were displayed on the platform. The creator of this platform has chosen to remain anonymous, despite acknowledging the importance of transparency in scaling and retail engagement, which raises serious concerns about accountability.”
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.
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