CryptoCharming1, a Solana influencer and trader, inadvertently burned $75,000 worth of $PUMP tokens after launching a tool intended to clear spam assets from user wallets. The violation occurred immediately following Kraken’s sale of over $30 million in PUMP. This purchase occurred as part of a presale auction with test airdrops and complete allocations. This burn proportion, in conjunction with other burns, amounted to 10.5M PUMP tokens destroyed immediately after the airdrop.
CryptoCharming1, identified on Twitter as @cryptocharming1, launched the token-burning tool with the goal of helping users eliminate unwanted spam assets airdropped into their wallets. For one CryptoCharming1, the tool had unexpected effects. CryptoCharming1’s wallet, known by the address 4X43DmYRtzLcyv2YRhC8vaTeqB5BTL6jX7LDtzfz47aC, inadvertently exposed itself to burning 10 million PUMP tokens (worth around $75k).
Kraken certainly created a riveting presale experience! They help participants easily set up wallets, distributed test airdrops of 10 PUMP tokens and granted participants full allocations of 10 million tokens. Post presale, watchers noted 50 whales that appeared from nowhere. A majority of them made major long positions, marking their trust in a price surge within the first trading day.
The wallet cryptoCharming1 used made trades in the past on meme tokens such as “SHREK” and “WEEZIL,” both of which run on the Solana blockchain. It also traded with other whales. The biggest single burn came from the wallet of a whale recipient, who burned 10 million PUMP tokens.
While the airdrops may have been unlimited in scope, they occurred over a relatively long 48 to 72-hour window. Because of this, 10.5 million PUMP tokens were immediately burned post-distribution. CryptoCharming1’s accidental burn is a reminder of the risks of handling digital assets. This event is especially topical within the volatile, meme token-dominated space.
