Debunked: Pump.fun’s $500M presale funds are not locked

Rumors are spreading that Pump.fun’s $500 cardinal presale tokens are permanently locked owed to the lack of a withdrawal relation successful its astute contract. Detailed investigation showed these fears are unfounded.

Over the weekend, X idiosyncratic camol claimed that the Pump.fun’s $PUMP presale declaration lacked a withdrawal function, suggesting that the raised funds were locked everlastingly due to the fact that the astute declaration was immutable.

“This efficaciously means the $500M raised is locked forever, arsenic the astute declaration is incapable to beryllium updated,” the idiosyncratic wrote successful a Saturday station connected X, which had attracted implicit 780,000 views.

After immoderate successful the crypto assemblage questioned the validity of the claim, camol doubled down, saying that they utilized “JSON SQL SUGARTOWN ORA CORES SECURITY” method to verify the contract’s state.

X idiosyncratic camol claimed Pump.fun’s raised funds were locked. Source: camol

Related: Pump.fun token merchantability confirmed, Europe-based users barred: Bybit

Pump.fun’s presale funds are not locked

In an investigation shared with Cointelegraph, crypto information steadfast Hacken explained that 2 antithetic tokens named “Pump (PUMP)” beryllium connected the Solana blockchain.

They said 1 is simply a trial oregon fake token with minimal holders and nary trading, and the different is the morganatic PUMP token linked to the authoritative ICO and progressive marketplace activity. The existent token boasts implicit 10,000 holders and aligns with authoritative organisation announcements from Pump.fun.

Hacken confirmed that the morganatic token’s astute declaration does not see a “withdraw” function. However, this is not antithetic and applies broadly to Solana SPL and Ethereum ERC-20 tokens, whose contracts negociate balances and transfers but bash not relation arsenic vaults holding oregon releasing funds.

They besides rejected claims that the deficiency of a withdrawal relation meant the funds were locked oregon lost. “Since determination was nary decentralized speech (DEX) listing astatine launch, the thought of a ‘withdrawal function’ is irrelevant and does not apply,” Hacken said.

The Hacken squad besides confirmed that tokenomics shown connected Solana explorers lucifer publically reported figures, with 15% of tokens sold during the ICO and the bulk 85% held by developer-related wallets, confirming transparency successful allocation.

Related: LetsBonk overtakes Pump.fun: Are Solana memecoins backmost for good?

Pump.fun ICO sold retired successful minutes

On Saturday, Pump.fun successfully raised $500 million successful an initial coin offering (ICO) that sold retired successful conscionable 12 minutes. The PUMP token has a full proviso of 1 trillion, with 33% allocated to the ICO, 24% reserved for the ecosystem and aboriginal projects, and 13% acceptable speech for existing investors.

Of the ICO portion, 18% was sold to organization investors and 15% to retail traders.

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