Unintentional PUMP Token Burn Highlights Risks of Cleansing Tools in Crypto
Due to unprecedented sales, Pump.fun’s recent PUMP token launch caused a stir. The PUMP token is still undergoing shocking developments, nevertheless, as new research shows that holders are being rekt in the most ridiculous manner. The Bybit and Kraken exchanges have been at the heart of PUMP’s controversy since its launch.
According to Solscan data, a user burned $10 million worth of PUMP tokens in an expensive cleanup. Since they were using a gadget to clean up airdropped rubbish tokens, the incident was probably unintentional. A valuable PUMP airdrop was inadvertently mixed in with a batch of trash tokens by the user, which caused conflicting responses from the community.
I would cry and leave crypto,
PUMP Airdrop Delays Raise Questions After Accidental Token Burn
Others, meanwhile, blamed multi-wallet confusion for the unintentional burn. The dangers of cleansing tools, which take tokens out of circulation permanently and cannot be recovered, were also brought up by several. Notably, though, PUMP airdrops have not yet taken place, raising questions about how this may have occurred.
The user might have been among the people who benefited from Bybit’s contentious PUMP token sale. It’s also important to note that the Pump.fun platform enables instantaneous coin launches that may be traded.
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
Kraken Promises PUMP Airdrop After Whales Crash Solana Launchpad
The Solana launchpad was overrun by whales, and the token sale sold out in a record 12 minutes. Because PUMP tokens had a low beginning value, the tool may have mistakenly classified them as junk. Despite this, the event could be bullish because token burns lower a token’s overall supply. This makes things more scarce and could raise their worth.
It most likely incorrectly targets PUMP because Wallet Cleaners frequently targets unconfirmed or low-value airdrops. Arjun Sethi, a co-founder of the Kraken exchange, also pledged to conduct a PUMP airdrop simultaneously.
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,
Sethi
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