Kraken Announces $PUMP airdrop for Users Affected by Order Failures

Kraken Steps Up After Technical Glitches

Kraken has revealed plans to distribute $PUMP tokens to users who experienced difficulties completing their purchases during the recent token sale for Pump.fun, citing “system constraints” as the cause. Co-CEO Arjun Sethi stated that the token sale was fully subscribed in less than a minute, with demand significantly outpacing the available supply.

Sethi emphasized that the exchange has thoroughly reviewed internal order logs and user activity to identify those impacted. While the exact number of eligible users remains undisclosed, Kraken confirmed that eligibility will be determined based on verified attempts to place orders during the sale period. The distribution of tokens will occur automatically and at no cost to the users.

Kraken’s Strategy for Token Acquisition

To facilitate the airdrop, Kraken plans to purchase $PUMP tokens from secondary markets. As of the latest updates, the perpetuals marketplace Hyperliquid lists $PUMP trading at approximately $0.0064, which is higher than the initial public sale price of $0.004. This suggests that affected users may receive tokens at a premium compared to their original offering.

Mark Greenberg, Kraken’s global head of consumer business, indicated on social media that impacted users will soon receive an email regarding the airdrop. However, some users have expressed concerns, claiming they were unable to access the sale at all.

Other Exchanges Encounter Similar Challenges

Kraken was not alone in facing issues during the $PUMP sale. Bybit also issued an apology after users reported problems placing orders shortly after the sale commenced. The exchange attributed the oversubscription to an unexpected API delay, later revising an earlier statement that had blamed the issue on Pump.fun.

Other exchanges, including BitGet, MEXC, KuCoin, and Gate, participated in the sale but have not announced any compensation plans similar to Kraken’s. Bybit has promised to provide further updates in the near future.

The $500 million ICO for Pump.fun concluded in just 12 minutes, although the platform did not distribute the full amount of tokens initially promised for the public sale.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.