pump.fun's payments wallet: $184.8 million in, 836 wallets paid, and what the chain shows about insiders

The short answer

People have said in public that pump.fun pays insiders and promoters. We went to the chain to see what is there. Payments are there: one wallet, funded by a vault that pump.fun's own multisig keys control, has paid out $166.3 million in stablecoins since 2024. Most of that money moved on through addresses nobody has named. About $24 million went to 299 wallets, in amounts and on dates that look like regular pay, and five of those wallets paid hundreds more.

Proof of insider trading is not there, in what we read. The wallets this one funded do not show up buying coins in their first seconds, and the wallet itself barely trades. A few receivers have public names, and we list every one. For everyone else, the chain shows a payment and nothing about its reason.

The wallet, and whose it is

The wallet is A4eK…auve. It has no public name on Solscan; Arkham shows a pump.fun profile name for it, “basednarwhalmag”. We read its whole history: 19,312 signatures, 18,970 successful transactions, from February 6, 2024 to November 10, 2026.

Three things on the chain tie it to pump.fun.

• Its money comes from a Squads vault, EG1T…kyRj, that Solscan names “Hot SOL2”. The vault belongs to a multisig, 8D6m…Zvrr, that needs 3 signatures from four members. Those four keys are exactly the four members of a second multisig, 2yMo…rshW, whose vault Solscan labels “Pump.fun Multisig Authority”. That second multisig can upgrade the program behind pump.fun's app.
• An account listed as a fee recipient in pump.fun's launch program settings, CebN…C9iM, sent it 2,160 SOL in 4 transfers in 2024 and $360,650 in stablecoins in 3.
• It gave the first SOL to the account Solscan labels “Pump.fun: Migration”, as our November 8 report showed, and on July 15, 2026 it sent $340,000 to the account Solscan names “Mayhem_Mode” on Pump.fun.

So we call it pump.fun's payments wallet. Nothing on the chain says which person holds its key, and we name no one.

$184.8 million in

Between February 6, 2024 and November 10, 2026 the wallet received $184,757,203 in stablecoins: $97.1 million of USDC and $87.7 million of USDT. Almost all of it came from three senders.

The vault is the main source: $144.4 million in 61 transfers from May 1, 2025 to November 10, 2026. We read the vault too. It has had 107 stablecoin transactions. It received $166,422,574: $120.8 million from the two Kraken hot wallets and $45.6 million from another Squads vault that Solscan names only “.”. It sent $144,421,790 to the payments wallet and 3,000,000 each to two other wallets, and held 16,000,000 USDT when read. In equals out plus what is left.

Put together, $160.3 million reached the vault and the payments wallet from Kraken hot wallets since November 2024. An exchange's hot wallet pays out withdrawals for many customers, so the chain shows that the money was withdrawn from Kraken, and not from whose account.

$166.3 million out

The wallet made 1,501 stablecoin payments to 304 wallets, $166,289,182 in all ($114.9 million of USDC and $51.4 million of USDT). It also swapped between the two coins in 426 transactions and held $493,264 of USDT when read.

Most of the money did not stop at its first address. $142.5 million, 85.7% of everything paid, went to five addresses. In the transactions we sampled, each one forwards what it receives to a single wallet: three of them to J95u…YMyw, one to 6gXy…KikC and one to AUay…6RDw. None of the three has a public name on Solscan. We do not know who runs them, and we do not guess.

Outside those payments, the wallet sent $16,795,426 of USDC off Solana through Circle's bridge in 107 transactions, 2024 to 2026. All but one went to a single Ethereum address, 0x777777…b9e2. We did not follow it on Ethereum.

The other 299 wallets

That leaves $23,833,460, sent in 829 payments to 299 wallets between May 8, 2024 and November 2, 2026. This is the part that looks like paying people and companies.

It was small through 2024. It grew from May 2025 and peaked at $2,755,734 in Nov 2025. After April 2026 almost nothing went out this way; by then the money was going through the wallets described in the next section.

The pattern is the pattern of pay, not of trading:

• 299 of the 829 payments are round amounts, multiples of 500 from 1,000 up.
• 86 times, to 65 wallets, the wallet first sent exactly 100 and then the rest: 100, then 24,900, for 25,000.
• 15 wallets, besides the five that pay on, were paid around the start of a month in at least four different months.
• By size: 27 wallets received between $100,000 and $1 million, 114 between $10,000 and $100,000, 98 between $1,000 and $10,000, and 55 less than $1,000. The five that pay on received more than $1 million each.

Five wallets that pay on

Five of the 299 wallets receive money from the payments wallet and then pay many others themselves. Together they sent $17,140,531. With them, the count of wallets paid reaches 836.

The oldest, BjyR…jFKS, has paid 267 wallets in 2,282 payments since April 3, 2024; 31 of those wallets were paid twenty times or more. Its two largest payees are addresses Solscan tags as Binance deposit addresses, which received $601,651 in 74 payments and $622,567 in 76. A deposit address belongs to one customer of the exchange; the chain does not say who.

The newest, GGKd…TDDX, started on November 5, 2025 and was still paying on the day we read it. It has sent $4,042,675 to 65 wallets, 14 of them more than $100,000 each. Three of its payees carry a pump.fun profile name; they are in the next section.

Some of these five also receive stablecoins from other wallets, so what they paid out is more than what the payments wallet sent them.

Who can be named

We name a receiver only when a public source does: Solscan's public name or tag for the address, or Anceta's registry, where every wallet has a source. Solscan shows a pump.fun profile name where the wallet's owner set one. That left us with these, out of 836 wallets.

Companies. $797,585 went to the vault Solscan names “Helius Treasury” in 4 payments, and $100,000 to the vault it names “Colosseum Org” on June 11, 2025. Helius sells Solana infrastructure and Colosseum runs Solana hackathons; a business paying its suppliers and sponsorships is ordinary.

pump.fun profiles. Five receivers carry a pump.fun profile name on Solscan. “Trey” received $162,000 in 7 payments from November 28, 2025 to September 4, 2026; “henn100x” $116,542 in 12; “Latuche95” $82,729 in 6. All three were paid by the newest of the five wallets. “Yennii56” received $25,000 from the payments wallet on July 3, 2025, and “marcell” $6,000 on August 10, 2026.

Those last two matter for one reason. pump.fun's Callout Rewards made its first payout on August 12, 2026. Through November 8 the wallet named “Yennii56” was its number 15 earner, with $180,957, and the wallet named “marcell” number 17, with $176,252. Both had been paid by the payments wallet before the program paid anyone: one thirteen months earlier, one two days earlier. In all, 22 wallets were paid both ways, $485,389 directly and $425,458 through the program.

People in our registry. Two wallets in Anceta's registry of KOLs and known traders, both sourced from press, were paid: LilmoonLambo's received $10,000 on July 12, 2025 and July 13, 2025, and QTDEGEN's $5,000 on April 7, 2026. The wallet named tethegamer.sns received $20,000 on the same two days as LilmoonLambo's. July 12, 2025 was the day of pump.fun's public token sale.

That is every name we could attach. The registry holds 202 wallets of 197 people, and two of them were paid. Everyone else is a wallet without a public name: staff, contractors, suppliers, creators or anyone else. The chain does not say.

Insiders: what we tested

The claim made in public is that people close to pump.fun buy coins before everyone else. A wallet funding another wallet is one of the few such ties a blockchain records, so that is what we tested.

The payments wallet has sent SOL to 306 wallets, and was the first SOL of 151 of them. Anceta has recorded the launch of 974,720 pump.fun coins since October 19, 2026, with the wallets that bought in each coin's launch window. We looked for every wallet the payments wallet funded among those buyers.

None is there, apart from accounts that belong to pump.fun's own programs: the “Mayhem_Mode” account, which trades by design in the coins that switch that mode on (49,020 coins), and two fee accounts.

We also read what the 61 wallets that received the most SOL do. Most of the busiest are accounts that run parts of pump.fun's products. Two that trade were read in full. J83w…Nsi9, sent 70 SOL on July 9, 2025, has made 628 buys and 115 sells in its whole history, 40.63 SOL spent and 43.85 SOL received. CWrQ…7eBw, sent 70 SOL, has made 37 buys for 21.86 SOL. Those are small sums.

The limits are real. This covers wallets funded directly. A wallet funded through a chain of fresh intermediaries, or from an exchange, would not show. And the lawsuit described below alleges something a funding test cannot see at all: an advantage in how transactions are ordered inside a block.

The three coins it bought

The payments wallet itself has made 10 token buys and 6 sells in 18,970 transactions. Three of the buys are large, all within one day of each other in November 2024, 160.10 SOL together:

• xShiroAI (SHAI): 80.04 SOL at 20:19 UTC on November 18, 2024, 37 minutes after the coin was created. It has sold none.
• DOPE: 50.03 SOL at 19:42 UTC on November 19, 2024, about 7 hours after the coin was created. It sold part of it three weeks later for 4.36 SOL.
• TEMU: 30.03 SOL five minutes before the DOPE buy. It has sold none.

All three were bought on Raydium, after each coin had left pump.fun's launch curve. The wallet's other 6 buys are under 0.11 SOL each. It put 160 SOL into three coins two years ago and took 4.36 SOL back. That is the whole of its trading.

Callout Rewards, against our records

Our November 8 report read every Callout Rewards payout: $29,580,029 in USDC to 51,115 wallets. We have now set that list against two things Anceta keeps itself.

The registry. 126 of the 197 people in our registry of KOLs and known traders were paid by the program: $2,143,182, 7.2% of everything it paid. The largest: Cupsey $610,987, Jack Duval $273,390, Cooker $163,655, Gr3g $112,988, Ansem $100,253, Sebastian $65,720. These payments come from a public program with published terms.

The coins. From October 19, 2026 to November 8, 2026, 837,666 coins were created on pump.fun by 275,469 wallets. 7,325 of those creator wallets are on the Callout Rewards list, 2.66% of creators, and they made 152,258 of the coins, 18.2%.

Heavy creators stand out. 1,098 wallets created 100 coins or more in those three weeks, 44.0% of all coins. 269 of them are on the list; the program has paid those 269 wallets $627,269 in total. And of the 511 wallets that make up the top 1% of earners, 145 created 6,932 coins in the same weeks.

A callout is a post inside pump.fun's app, not a transaction, so the chain does not show which coin a caller called. The program's terms ask callers to disclose any payment tied to a coin they promote. Whether a caller called a coin of their own is something we cannot read.

What has been said in public

The Kraken transfers. In November 2025 the analytics account Lookonchain reported that pump.fun had sent $436 million of USDC to Kraken since October 15, and read it as cashing out, as Cointelegraph reported. A pump.fun co-founder who posts as Sapijiju answered that “$0 have been cashed out” and called the transfers “a part of pump's treasury management, where USDC from the $PUMP ICO has been transferred into different wallets so the company's runway can be reinvested into the business.” We did not re-read those transfers. What we read is the other direction: $160.3 million came out of Kraken hot wallets to the vault and the payments wallet.

The rewards total. On November 1, 2026 pump.fun said it had paid $30 million in rewards and that 62.5% of its app's fee would go to the Callout Rewards pot and in-app incentives, as PrimeXBT reported from The Defiant. Its tally is not broken down. Our count of Callout Rewards alone was $29.58 million a week later.

The lawsuit. A class action led by Burwick Law names pump.fun, Solana Labs, the Solana Foundation and others. It alleges that launches marketed as fair were front-run through the ordering of transactions. In December 2025 a judge let the plaintiffs add more than 5,000 internal chat logs supplied by a confidential informant, Cointelegraph reported. These are allegations in a case that has not been decided. Nothing in this report proves or disproves them.

What the chain does not show

• What any payment was for. Salary, an invoice, a sponsorship, a promotion deal and a refund look the same on the chain.
• Who the unnamed receivers are. 836 wallets were paid and fewer than twenty have a public name.
• Who runs the three wallets that took in $142.5 million, and what happened to the money after them.
• Whose Kraken account the withdrawals came from. A hot wallet serves every customer.
• Whether a paid promoter disclosed it. That is a question about posts, not transactions.
• Insiders more than one step away. Our test follows direct funding only.

A correction to our earlier report

Our November 8 report said this wallet “has sent 18,628 SOL in 951 transfers to 681 wallets, and was the first SOL of 502 of them.” That count was too high, for two reasons we found while reading the wallet in full. It counted SOL that the wallet sold for stablecoins as SOL sent to other wallets. And it counted token accounts the wallet opened as wallets it funded.

The corrected figures: 12,877.05 SOL in 444 transfers to 306 wallets, the first SOL of 151 of them, and a further 5,749.48 SOL sold in 101 swap transactions. By year the transfers were 434 SOL in 2024, 4,035 SOL in 2025 and 8,407 SOL in 2026. The earlier report's other findings do not depend on that sentence, and it now carries this correction.

Questions people ask

How we read it

1. 1.The payments wallet on Solscan
2. 2.The vault “Hot SOL2” on Solscan
3. 3.The account Solscan labels “Pump.fun Multisig Authority”
4. 4.Anceta, “pump.fun's Callout Rewards: who got $29.6 million, and where it came from”. November 8, 2026
5. 5.Cointelegraph, on Lookonchain's report and the co-founder's answer. November 2025
6. 6.PrimeXBT, on pump.fun's November 1, 2026 statement
7. 7.Cointelegraph, on the amended class action. December 18, 2025
8. 8.Cointelegraph, on pump.fun's public token sale of July 12, 2025
9. 9.pump.fun, Callouts & Callout Rewards Terms of Service