Solana token launchpad Pump.fun reportedly laid off several employees about 2 months before their $PUMP token allocations were scheduled to begin vesting, according to an investigation published by Sandmark. The report cites internal documents, recordings, and former employees who claim the timing of the layoffs prevented them from receiving promised token allocations.
According to Sandmark, at least 1 former employee allegedly lost access to a $PUMP allocation worth 7 figures at current market prices.
The publication reported that affected employees signed token grant agreements in mid June 2025. Under those agreements, 25% of each allocation would unlock after a 12-month cliff. Employees whose contracts were terminated in early April no longer qualified for those tokens when vesting began earlier this month.
Co-Founder Reportedly Said Company "Grew Too Quickly"
Sandmark reported that Pump.fun co-founder Noah Tweedale addressed employees during a group meeting in late March after Head of Talent Lloyd McCarthy called staff together.
According to audio and video recordings obtained by the publication, Tweedale said the company had "grown too quickly," adding that the rapid expansion prevented pump.fun from moving "fast and rough."
The report states that Pump.fun expanded from just 3 employees to nearly 100 earlier this year as the platform became one of crypto's largest revenue generators.
Employees who lost their jobs reportedly received severance equal to 1 week's salary for every month they worked at the company.
Former Employees Make Additional Allegations
On July 30, a newly created X account using the handle @expumpemployee claimed the author had worked at Baton Corporation, Pump.fun's UK-registered parent company, for more than a year before getting fired alongside about 40 other employees 1 day before their scheduled token vesting.
However, the account is anonymous, and its authenticity cannot be independently verified. As a result, it remains unclear whether the claims are legitimate.
The account wrote: "worked at baton corp for over a year, i was promised $PUMP tokens but i was fired along with 40 others 1 day before vesting."
In another post, the same account shared screenshots of an apparent termination email and asked Pump.fun whether it would deny "firing employees right before token vesting."
SolanaFloor reached out to @expumpemployee for comment but did not get a response.
The allegations surfaced after former Pump.fun developer Jarett Dunn posted on July 14 that he had heard the company dismissed its remaining UK-based team, which he described as more than a dozen employees.
Dunn also questioned when Baton Corporation would file its overdue UK financial accounts and speculated about the company's UK operations.
However, Dunn's statements require additional context. He no longer works for Pump.fun after draining about $2 million from the company in 2024 and distributing the funds to thousands of wallet addresses.
A UK court sentenced him to 6 years in prison in December 2025 after he pleaded guilty to fraud and transfer of criminal property.
Company Continues to Generate Significant Revenue
The reported layoffs come despite Pump.fun's continued growth. The platform has now generated about $1.3 billion in lifetime revenue and has facilitated the creation of more than 20.8 million Solana tokens.
The reports also arrive shortly after the first major $PUMP vesting event. Earlier this month, Pump.fun unlocked about 86.65 billion $PUMP tokens during July, including roughly 82.5 billion tokens released after the project's original 12-month vesting cliff expired. Team members and early investors received a substantial portion of those unlocked tokens.
SolanaFloor reached out to Pump.fun for comment but did not receive a response.
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