Pump.fun is facing backlash over pseudonymous trader Kimchi and it's not only about a marketing campaign.
Here's what o | Hanami
Pump.fun is facing backlash over pseudonymous trader Kimchi and it's not only about a marketing campaign.
Here's what onchain records say happened Tuesday night, ET:
7:00:15 pm — A 3-hr old Solana wallet creates the Kimchi coin and buys 79% of the supply for about $9,300.
Same second — That wallet routes every creator fee the coin will ever pay to one address. Pump.fun’s own docs say this can only be set once. It can’t be changed.
6 seconds later — @kimchi1x posts on X, his first post in five days (a picture of him standing next to a luxury car)
57 seconds later — 750 million tokens, 75% of the supply, are sent to the same address that's collecting fees.
78 seconds later — Pump.fun runs an ad telling normies to "be the next kimchi"
19 minutes later — Co-founder Alon Cohen announces the partnership.
54 minutes later — Pump.fun posts: “KIMCHI MADE $32,000,000 ON PUMPFUN 30 MINS AFTER JOINING.”
That $32 million is the paper value of tokens he has not sold. 75% of the supply sits in one wallet against $1.33 million of liquidity.
Every timestamp above comes from Solana block times and X post IDs.
Read more here:
thedefiant.io/news/tokens/ki…