A co-founder of pump.fun, known as Sapijiju, has publicly denied allegations made by Lookonchain regarding a massive cash-out. Lookonchain previously reported that the project had cashed out at least $436 million USDC via Kraken since October 15. Sapijiju stated that the report is complete misinformation. He clarified that the flagged transactions were part of the project's treasury management and intended for reinvestment into the business rather than personal liquidation. The leadership emphasized that the narrative of cashing out for personal gain is false, and the dispute centers on the interpretation of on-chain flows identified by Lookonchain. Sapijiju explicitly stated the project is not involved in the alleged Kraken-Circle transactions in the manner described. [Update 1] Additional sources confirm that the co-founder refuted claims of personal liquidation, reiterating that the transfers were strictly for treasury management purposes to reinvest in the business ecosystem.