PumpFun held a record-breaking public ICO for its PUMP token over the weekend, raising $500m in just 12 minutes — but questions quickly emerged around the final numbers:
The target was $600m, yet only $500m appeared on the official progress bar.
$100m remains unaccounted for, despite major platforms like Bitget, Bybit, and MEXC joining the sale.
Likely cause: sync issues between exchanges and PumpFun's site; some transactions were delayed or unconfirmed in real time.
The team paused distribution of the missing amount pending clarification.
The ICO ran across several venues including Kraken, KuCoin, Gate, and the official PumpFun site.
Binance and other major exchanges have already listed the token, with futures trading active.
189 wallets contributed $1m each, accounting for nearly 40% of the raise; most purchases were made in USDC.
Retail users were largely locked out — most orders failed due to lack of liquidity.
Despite the confusion, ICO participants have reported strong returns:
Median profit stands at +$319, or roughly +60%, just days after the token’s debut.
The average buy-in was $44,209, with 583 wallets exceeding $100K and 202 maxing out the $1m cap.
Out of 23,959 wallets that completed KYC, only 10,145 successfully participated
Over half of the participating wallets were brand new.
PumpFun has announced plans to build a TikTok-style app that rewards users for activity.