A promotional crossover between memecoin platform Pump Fun and crypto trader Kimchi has fallen into disarray after a token pushed through Kimchi’s X account crashed almost immediately, prompting users to question whether the account had been compromised.
Pump Fun and Kimchi, whose real name is Clayton Kim, had been working together on the platform’s “Pill Your Friends” campaign. Pump Fun co-founder Alon Cohen had described Kim as “the first ever example of a trader becoming a celebrity,” while the platform pitched its product as a way for users to become “the next Kimchi.”
That promotion had already drawn criticism. A Pump Fun post was community-noted to say that wallets linked in the post were associated with token sniping.
Project Kimchi surged, then collapsed within minutes
The situation worsened yesterday when Kimchi’s X account shared a new token through a QR code. The token, called Project Kimchi, climbed to a $14 million market cap before dropping to roughly $600,000 within minutes. It now stands at $183,000.
During the move, Cohen reshared the post and then quickly unshared it. Kimchi’s X account later began deleting Pump Fun-related posts and removed the platform from its bio.
Before this launch, several Kimchi-themed tokens were already circulating. After the crash, many users began to suspect that Kimchi had been hacked.
Users disagree on whether it was a hack
Not everyone accepts the hack theory. Some users think the post may have been intentional and that the failed launch was, at best, a case of poor execution.
Crypto trader Fabiano pointed to Cohen’s actions after the reshared post disappeared. He noted that Cohen did not publish any warning saying Kimchi’s account had been hacked. Fabiano also argued that Cohen’s reshare suggested minute-by-minute planning, and said Kimchi’s later deletion of Pump Fun posts did not make much sense if the two sides were operating under a partnership arrangement.
Claim of a $40 million TRUMP profit is also under fire
Pump Fun’s promotion also repeated an unverified claim that Kimchi made more than $40 million trading TRUMP. That figure has been challenged by blockchain analytics firm Bubblemaps, which said Kimchi’s publicly verifiable profits are closer to $6 million.
Bubblemaps added that undisclosed addresses remain possible, but said “he likely would have revealed it by now.”
Kimchi has posted little, but recent video included Pump Fun promotion
Kimchi rarely posts online. When he does, the posts often feature displays of wealth. At the time of writing, his YouTube channel showed only one vlog, uploaded two days ago, and that video included a Pump Fun promotion filmed on a private jet.
As of Protos’ report, the dispute around Pump Fun, Kimchi, and Project Kimchi remained unresolved, with no clear consensus on whether the account was hacked or whether the token launch had been planned.
