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The burn incident transpired just one day after the token launchpad’s ICO.
A Costly Mishap
The blockchain analytics resource, Lookonchain, posted on the social media platform X, showcasing how a user lost $75,000 worth of PUMP tokens by carrying out a routine operation in their wallet.
The 10 million coins were removed either by a specific wallet functionality or a separate tool that filters unwanted airdrops.
By sending the tokens to the incorrect address, this investor effectively destroyed, i.e., burned the stash, which is now irretrievable.
This action is typically taken to reduce supply and act as a deflationary mechanism; however, in the case of wallet address “4X43Dm,” it was likely an accidental, costly mistake.
An unwritten rule in the cryptocurrency world is always to double-check the address to which you are sending funds, as there are numerous examples of losses amounting to hundreds, if not millions, of unrecoverable funds.
Pump.fun’s Token Sale
The Solana-based meme coin launchpad’s Initial Coin Offering (ICO) sold $500 million worth of PUMP, valued at $0.0040 each, in just 12 minutes.
According to their official post on X, the platform announced that the token would have a maximum supply of 1 trillion, but some discrepancies arose once the sales event concluded.
In total, 33% was intended for the ICO, 20% for the development team, and 24% for the community and other initiatives. In addition, 13% of the funds were allocated to early investors, with the remaining funds distributed among the ecosystem, liquidity fund, and live streams.
As CryptoPotato reported, some controversies unfolded after the sale concluded, as the platform’s initial statement did not quite align with the final result.
Moreover, that wasn’t the only hurdle they had to overcome before proceeding with the official ICO.
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