Rumors about the locking of $500 million raised by Pump.fun have proven unfounded. An analysis of the smart contract shows that the funds are accessible.
Origin of Fund Lock Rumors
Over the weekend, X user under the handle camol claimed that the $PUMP presale contract lacks a withdrawal function, suggesting that the raised funds are locked forever. The post attracted over 780,000 views.
Analysis of Pump.fun’s Smart Contract
Crypto security firm Hacken conducted an analysis and stated that there are two tokens named 'Pump (PUMP)' on the Solana blockchain. One is a fake token with minimal holders and no trading, while the other is a legitimate token linked to the official ICO. Hacken noted that the legitimate token's smart contract does not include a 'withdraw' function, which is not unusual for Solana SPL and Ethereum ERC-20 tokens.
Pump.fun ICO Results
On Saturday, Pump.fun successfully raised $500 million in an ICO that sold out in just 12 minutes. The PUMP token has a total supply of 1 trillion, with 33% allocated to the ICO, 24% reserved for the ecosystem and future projects, and 13% set aside for existing investors.
In conclusion, the analysis indicated that despite the circulating rumors about locked funds, the actual financial assets of Pump.fun remain accessible and manageable, highlighting the project's transparency and reliability.
