Solana-based Meme Coin Launchpad Pump.fun recently launched a pump token, creating a wave for record sales.
However, developments on pump tokens remain shocking, with recent findings showing that holders are getting Rekt in the most absurd way. Pump has been debated since its debut, with Bybit and Kraken interacting at the heart of everything.
$75,000 for a pump token burned in Solana Wallet Mishap
Solscan data shows costly cleanups involving users burning $10 million worth of pump tokens. This incident could have been a coincidence as it occurred when I used the tool to clean up airdropped junk tokens.
Users mistakenly included valuable pump airdrops in batches of junk tokens, triggering a mixed reaction from community members.
“I’m going to cry and leave the code,” one user said.
Meanwhile, others attributed accidental burns to multiwallet mess. Some highlighted the risk of cleanup tools that permanently remove tokens from circulation without recovering.
However, there are concerns, especially about how this happened, but no pump airdrops have yet to occur.
The user could have been one of Bybit’s controversial pump sales recipients. It is also worth noting that the Pump.Fun platform will allow for the launch of instant tresible coins.
“The tokens are initially unable to trade and cannot move while the distribution phase is running. Once the distribution phase is complete, the tokens are traded and transferred. An announcement will be made upon completion.
Token sales sold out in a record 12 minutes as the whales flooded Solana’s launchpad. This tool may have misconceived the pump token as “junk” because its initial value is low.
Nevertheless, the incident could be bullish given that Token Burns will reduce the total supply of tokens. This can increase rarity and increase value.
Wallet cleaners often target unverified or low value airdrops, which may have accidentally flagged the pump.
According to Solanafloor, the transaction took place through Solana’s Token 2022 program and incurred a transaction fee of $0.002243 (0.0000135 SOL).
Meanwhile, Bibit is being hit by mismanagement of tokens. There was widespread user complaints, which caused a repulsion against failed transactions and opaque processes.
“You guys got some explanations to prove that no crime was committed,” one user said.
Several users shared video evidence indicating that they placed their order within the first seconds of the sale being published, but still received a refund.
In parallel development, Kraken Exchange co-founder Arjun Sethi has committed to pump airdrops. As reported by Beincrypto, tokens are automatically distributed to users affected by glitches in Kraken’s system.
“We looked at the internal order logs and client activity to identify those affected. To make this right, Kraken will affect users when the token goes live,” writes Sethi.
