Rumors are spreading that Pump.fun’s $500 million presale tokens are permanently locked due to the absence of a withdrawal function in its smart contract. Detailed analysis showed these fears are unfounded.
Over the weekend, X user camol claimed that the Pump.fun’s $PUMP presale contract lacked a withdrawal function, suggesting that the raised funds were locked forever because the smart contract was immutable.
“This effectively means the $500M raised is locked forever, as the smart contract is unable to be updated,” the user wrote in a Saturday post on X, which had attracted over 780,000 views.
After some in the crypto community questioned the validity of the claim, camol doubled down, saying that they used “JSON SQL SUGARTOWN ORA CORES SECURITY” method to verify the contract’s state.
Related: Pump.fun token sale confirmed, Europe-based users barred: Bybit
Pump.fun’s presale funds are not locked
In an analysis shared with Cointelegraph, crypto security firm Hacken explained that two different tokens named “Pump (PUMP)” exist on the Solana blockchain.
They said one is a test or fake token with minimal holders and no trading, and the other is the legitimate PUMP token linked to the official ICO and active market activity. The real token boasts over 10,000 holders and aligns with official distribution announcements from Pump.fun.
Hacken confirmed that the legitimate token’s smart contract does not include a “withdraw” function. However, this is not unusual and applies broadly to Solana SPL and Ethereum ERC-20 tokens, whose contracts manage balances and transfers but do not function as vaults holding or releasing funds.
They also rejected claims that the lack of a withdrawal function meant the funds were locked or lost. “Since there was no decentralized exchange (DEX) listing at launch, the idea of a ‘withdrawal function’ is irrelevant and does not apply,” Hacken said.
The Hacken team also confirmed that tokenomics shown on Solana explorers match publicly reported figures, with 15% of tokens sold during the ICO and the majority 85% held by developer-related wallets, confirming transparency in allocation.
Related: LetsBonk overtakes Pump.fun: Are Solana memecoins back for good?
Pump.fun ICO sold out in minutes
On Saturday, Pump.fun successfully raised $500 million in an initial coin offering (ICO) that sold out in just 12 minutes. The PUMP token has a total supply of 1 trillion, with 33% allocated to the ICO, 24% reserved for the ecosystem and future projects, and 13% set aside for existing investors.
Of the ICO portion, 18% was sold to institutional investors and 15% to retail traders.
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