Home News Airdrops Kraken Compensates Users After PUMP Token Sale Overload

Kraken Compensates Users After PUMP Token Sale Overload

Kraken Compensates Users After PUMP Token Sale Overload
Kraken Compensates Users After PUMP Token Sale Overload
  • Kraken to airdrop free PUMP tokens after system overload blocks buyers.
  • Users will get PUMP tokens automatically with no action needed.
  • Kraken’s buyback may cost more as PUMP price trades above sale rate.

Kraken, a major cryptocurrency exchange, will give free PUMP tokens to some of its users. These users missed out on the recent PUMP token sale because Kraken’s system could not handle the heavy demand. Kraken’s co-CEO, Arjun Sethi, shared this update on the X account.

Kraken Promises Free PUMP Tokens

According to Sethi, in less than sixty seconds, the PUMP sale was completed. The supply could not meet the demand which was very high. There were a lot of people who came early in time, and attempted to purchase tokens. But due to system problems, they were unable to complete their orders. Kraken verified its on-site order histories and user activity to identify the affected party.

Kraken has so far not indicated the precise number of users who will receive the airdrop. But the global head of consumer business at the company said that they are making a final list. He further added that Kraken will shortly email affected users with additional details.

According to Sethi, individuals do not require any additional action to claim their PUMP tokens. The automatic airdrop will be provided. Kraken will purchase PUMP tokens on the secondary market and will send them to users free of charge.

At the moment, the price of the PUMP token is approximately $0.0064. This is above the price of public sale, which is $0.004. It implies that the users who receive the free tokens can even receive them at a higher price. This is great news for those who have been waiting since they did not place their orders on time.

Kraken is not the only one that has issues with the PUMP sale. Other exchanges were not doing well either. To take an example, Bybit apologized to its users since most individuals were unable to make orders during the sale. Bybit initially accused Pump.fun, the company behind the PUMP token, of the problems. Bybit then amended its statement.

Kraken’s Free Airdrop May Push Other Exchanges to Follow

In addition to Kraken and Bybit, the PUMP sale occurred on Bitget, MEXC, KuCoin, and Gate. Even though, none of them has reported about airdropping tokens such as Kraken. Bybit has assured of another update in the near future.

The airdrop means Kraken must buy PUMP tokens from the open market. At this point, the token price of around $0.0067 is indicated by Hyperliquid, a perpetual marketplace. This high price is even above the original selling price. It implies that Kraken can allocate more money to honor its commitment and impress its customers.

The token sale on Pump.fun brought approximately $450 million to Solana blockchain. PUMP tokens are yet to be sold off completely. These will trade on exchanges such as Bybit, Kraken, Bitget, MEXC, KuCoin and Gate.

Most users have complained during the sale. Others claimed that they attempted to purchase tokens in a few seconds but they failed to do it. Bybit has already apologised and claims to have further information soon.

Ultimately, the fact that Kraken had decided to airdrop PUMP tokens can only indicate that the company is interested in taking its users under its wing. Despite the technical issues that occurred, the relocation of Kraken may restore confidence. This will be closely followed by other exchanges. They could also do the same in case they encounter the same issues in future.

In the meantime, users only have to wait and get the email of Kraken. They are not required to do anything further. Kraken assures that it will be automatic and free. This is a relief to some buyers who did not get it the first time.

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