Kraken Airdrops PUMP Tokens to Affected Users

Kraken, the cryptocurrency exchange, announced plans to airdrop PUMP tokens from Pump.fun to users whose orders were unsuccessful due to system constraints. Kraken co-CEO Arjun Sethi revealed that the token sale was overwhelmed by demand, selling out in under sixty seconds. Some clients, despite being timely, could not finalize their purchases. Sethi noted that they are working to identify affected users and will email them soon. Eligibility for the airdrop depends on verified intent during the sale. No action is needed from users; the distribution will be automatic and cost-free. Kraken will need to buy tokens from the secondary market to fulfill this airdrop. Currently, PUMP is valued at around $0.0067, above its initial public sale price of $0.004. In a related note, other exchanges like Bybit also faced issues during the sale, with users voicing complaints about being unable to buy tokens shortly after the sale commenced. Bybit indicated that an unexpected API delay led to these problems, resulting in oversubscription. Further updates are expected soon from both Kraken and Bybit.