Missed Exit Costs PUMP Whale Millions: What Went Wrong?
Main Idea
A large PUMP token holder suffered a $6 million loss due to a mistimed transfer to Binance, and the PUMP token's value dropped significantly amid legal troubles for the project.
Key Points
1. A wallet named 'PUMP Top Fund 2' lost nearly $6 million after transferring 2 billion PUMP tokens to Binance, which were later moved to Bybit as the price dropped to $0.003.
2. Investors sold 1.25 billion PUMP tokens for $3.81 million at an average price of $0.00305, resulting in a $1.19 million loss.
3. Data shows 'Top Fund 1' and 'Top Fund 2' had sent over $150 million to exchanges, with only one wallet retaining a balance of $29.5 million.
4. PUMP's price fell nearly 20% in 24 hours to $0.003041, following legal issues, including a class-action lawsuit against the project's founder and affiliated entities.
5. The lawsuit alleges misleading practices by the project's pseudonymous founder 'Bernie,' Baton Corp., and Solana-linked partners, including Jito Labs and Solana Foundation.
Description
TL;DR A private investor lost $6M after transferring tokens to Binance before the spot listing was available. Two early wallets exited positions at losses, adding pressure to PUMP’s already falling price. A class-action lawsuit claims that Pump.fun operated like a digital casino, misleading users and extracting billions. $6M Loss After Misstep on Binance A large PUMP holder lost millions after a mistimed move. The wallet known as “PUMP Top Fund 2” sent 2 billion tokens, then worth $12.79 million...
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