Solana-based meme coin launchpad Pump.fun recently launched the PUMP token, making waves because of record sales.
However, developments about the PUMP token remain shocking, with recent findings indicating a holder getting rekt in the most absurd ways. PUMP has been controversial since its debut, with Bybit and Kraken exchanges at the center of it all.
$75,000 in PUMP Tokens Burned in Solana Wallet Mishap
Data on Solscan shows a costly cleanup, involving a user burning $10 million worth of PUMP tokens. The incident was likely accidental as it happened when they used a tool to clean up airdropped junk tokens.
The user mistakenly included a valuable PUMP airdrop in a batch of junk tokens, sparking mixed reactions from community members.
“I would cry and leave crypto,” one user remarked.
Meanwhile, others ascribed the accidental burn to multi-wallet confusion. Some also highlighted the risks of cleanup tools, which permanently remove tokens from circulation without recovery.
Notably, however, there are concerns about how this could have happened, yet PUMP airdrops have yet to happen.
The user may have been one of the recipients of Bybit’s controversial PUMP sale. It is also worth noting that the Pump.fun platform allows instant tradable coin launches.
“The tokens will initially be untradable and untransferrable while the distribution phase is carried out. Once the distribution phase is complete, the tokens will become tradable and transferable—an announcement will be made upon completion,” Pump.fun stated before the token sale.
The token sale sold out in a record 12 minutes, as whales flooded the Solana launchpad. The tool might have misidentified PUMP tokens as “junk” due to their low initial value.
Notwithstanding, the incident may be bullish, given that token burns reduce the total supply of a token. This increases scarcity and potentially drives up value.
Since Wallet Cleaners often target unverified or low-value airdrops, it likely flagged PUMP erroneously.
According to SolanaFloor, the transaction occurred via the Token 2022 program on Solana and incurred a transaction fee of $0.002243 (0.0000135 SOL).
Meanwhile, Bybit remains under fire over token mismanagement. There is widespread user dissatisfaction, which sparked backlash over failed transactions and opaque processes.
“You guys got some explaining to do to prove no crime was committed,” one user stated.
Several users shared video evidence showing that they placed their orders within the first seconds of the sale going live, yet were still refunded.
In a parallel development, Kraken exchange co-founder Arjun Sethi committed to a PUMP airdrop. As BeInCrypto reported, the tokens will be automatically distributed to users affected by Kraken’s system glitches.
“We reviewed internal order logs and client activity to identify those affected. To make this right, Kraken will airdrop PUMP to impacted users once the token is live,” wrote Sethi.
The post Crypto Mishap: Solana User Burns $75,000 in PUMP Tokens appeared first on BeInCrypto.
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