Documents and recordings obtained by Sandmark indicate that Pump.fun carried out layoffs in early April, roughly two months before affected employees were due to start vesting PUMP tokens in June. According to the report, at least one former employee missed out on a PUMP allocation now worth seven figures at current prices as a result of the dismissal.
The report says employees signed token agreements in June 2025, with one-quarter of their allocation scheduled to unlock a year later. In an internal meeting recording cited by Sandmark, co-founder Noah Tweedale said the layoffs happened because the company had "expanded too quickly."
Former employees also told Sandmark that a second round of layoffs took place in mid-July and that more than 40 people had been let go over the past two months. One employee said they were dismissed a day before token vesting. Sandmark said it could not independently verify those claims.
The report also notes that Pump.fun operates in the UK under Baton Corporation Ltd, remains on a regulatory warning list, and has overdue annual filing records with Companies House.
According to Sandmark, documents and recordings it obtained show that Pump.fun laid off employees two months before staff token vesting was due to begin, leaving at least one former employee without a PUMP allocation now valued in the seven figures at current prices.
Sandmark said the layoffs took place in early April. The affected employees had been expected to begin token vesting in June, two months later. Employees had signed token agreements in June 2025, with one-quarter of their allocation scheduled to unlock a year later.
In an internal meeting recording cited in the report, Pump.fun co-founder Noah Tweedale said the layoffs happened because the company had "expanded too quickly."
Former employees also told Sandmark that a second round of layoffs took place in mid-July and that the company had cut more than 40 employees over the past two months. One employee claimed they were dismissed one day before token vesting. Sandmark said it could not independently verify those claims.
The report added that Pump.fun operates in the UK under the name Baton Corporation Ltd. Although it has blocked UK users since December 2024, after the UK Financial Conduct Authority warned that it may have been providing financial services without a license, the company remains on a regulatory warning list.
Sandmark also noted that the company was hit by an internal theft case in 2024 in which about $2 million was transferred by an employee. That individual has since been sentenced to six years in prison. Companies House data also shows that the company's latest annual report filing is overdue.
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