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SOL 
PUMP Solana's memecoin platform Pump.fun was accused of laying off employees before the token was unlocked, causing employees to lose more than a million dollars.
It is alleged that Pump.fun, a Solana-based memecoin platform, launched a layoff process about two months before its PUMP token was about to be unlocked. According to a report released by Sandmark, at least one former employee lost token allocations worth more than $1 million at current prices.
Based on documents and internal meeting minutes obtained by Sandmark, Pump.fun terminated the contracts of some employees in early April this year. According to reports, Pump.fun co-founder Noah Tweedale said at a conference in late March that the company was "growing too fast", making it difficult for the team to adapt quickly.
The laid-off employees received severance pay equivalent to one week's salary for each month of work. However, the main loss to employees was allegedly caused by the allocation of PUMP tokens.
According to the token allocation agreement signed by employees in June 2025, 25% of the tokens received were originally scheduled to be unlocked one year later, that is, June 2026. According to reports, at least one employee who was laid off in April lost his PUMP token allocation because he left the company before the token was unlocked, worth as much as seven figures at current prices.
Although the PUMP token price has dropped by approximately 79% from the peak of US$0.0089 set in 2025, the value of the cancelled token allocation mentioned above is still said to exceed US$1 million.
Second round of layoffs and more allegations
Pump.fun also made a second round of layoffs in mid-July, former employees said. An X account called "ExPumpEmployee" also shared documents purported to be layoffs emails, claiming that the account holder was fired the day before the token was unlocked.
According to former employees, the total number of employees laid off in the past two months has exceeded 40. Pump.fun co-founders Noah Tweedale and Alon Cohen reportedly did not respond to requests for comment on the matter.
Pump.fun experienced rapid growth at the end of 2024, becoming one of the highest-grossing platforms in the cryptocurrency space. The platform allows users to create memes for free in seconds, and has created more than 20.8 million Solana-based tokens to date.
According to Dune data, Pump.fun's total revenue has reached approximately US$1.3 billion. The company's employee number is expected to grow from 3 to approximately 100 by early 2026. According to reports, the platform's daily revenue still remains at around US$1 million.
* This article does not constitute investment advice.
