In a recent development, cryptocurrency exchange Kraken has declared its plans to airdrop tokens from Pump.fun’s $PUMP public token sale to certain users. These users faced a hiccup in their orders due to system limitations of the platform, as shared by Kraken’s co-CEO, Arjun Sethi.
In his announcement, Sethi mentioned, “The offering was completely taken up in less than a minute, and the demand notably surpassed the accessible supply. Our data shows that some clients who were punctual for the $PUMP sale could not finish their orders due to system restrictions. We have analyzed internal order records and client activities to pinpoint those affected.”
While Kraken is yet to disclose the exact number of impacted users, the head of its global consumer business assured that the company is compiling a list and will reach out to the affected clients “shortly.” The eligibility for this distribution is based on confirmed order intent during the sale window, and it will be executed automatically, free of cost.
Kraken will have to buy tokens from the secondary market for this airdrop. The estimated value of $PUMP, according to Hyperliquid’s perpetual marketplace, is around $0.0067 at the time of publishing, which is significantly higher than the public sale price of $0.004.
Pump.fun, the Memecoin launchpad, managed to raise approximately $500 million onchain on Solana through its ICO token sale, selling $100 million worth of tokens via its exchange partners including Bybit, Kraken, BitGet, MEXC, KuCoin, and Gate. However, Kraken and Bybit were among the partners that faced issues during the sale, with Bybit acknowledging an unexpected API delay causing oversubscription and resulting in only some users successfully receiving their allocations.
Disclaimer: This article is for informational purposes only and does not serve as financial, investment, tax, or legal advice.
