Crypto Consolidation Accelerates as PumpFun Cuts Staff Ahead of Token Unlock

PumpFun, a Solana ecosystem meme coin launch platform, laid off staff in early April, about two months before the first PUMP token unlock. At least one former employee lost out on token grants worth over $1 million at current prices.

PumpFun co-founder Noah Tweedale said the company 'expanded too quickly,' leading to the layoffs. Former employees also claimed another round of cuts occurred in mid-July, with more than 40 people dismissed across two months, though this figure has not been independently verified.