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Foreign media: Pump.fun conducted large-scale layoffs two months before the employee token unlock, causing some employees to miss out on seven-figure PUMP tokens

According to Sandmark, documents and recordings obtained show that Pump.fun laid off employees two months before the unlocking of employee tokens, causing at least one former employee to miss out on a PUMP token allocation valued in the seven figures at current prices.The layoffs occurred in early April, while the affected employees were supposed to start receiving token unlocks two months later (in June). Employees had signed a token agreement in June 2025, with a quarter of the allocation set to unlock a year later. Co-founder Noah Tweedale stated in an internal meeting recording that the reason for the layoffs was the company's "rapid expansion."Former employees reported a second round of layoffs in mid-July, with the company having laid off over 40 people in the past two months. One employee claimed they were laid off the day before the token unlock, but Sandmark could not independently verify these claims.Pump.fun operates in the UK under the name Baton Corporation Ltd, although it has blocked UK users since December 2024 (following a warning from the UK FCA that it may be providing financial services without a license) and is still on the regulatory warning list. In 2024, the company experienced an employee embezzlement incident involving the misappropriation of approximately $2 million, with the involved party sentenced to six years in prison. According to Companies House data, the company's latest annual report is overdue.

hot_img The Financial Regulatory Administration and three other departments jointly issued 22 measures, aiming to basically establish an effective governance mechanism for financial institutions by 2029

On July 31, the Financial Regulatory Administration, the Central Bank, the Securities Regulatory Commission, and the Ministry of Finance jointly issued the "Implementation Opinions on Improving the Governance of Financial Institutions," proposing 22 measures. It aims to establish a governance mechanism for financial institutions by 2029 that features clear boundaries of responsibilities and powers, compatible incentives and constraints, strict risk management, and standardized and efficient operations. Core measures include: strict control over shareholder access, building a "firewall" between industrial capital and financial capital, penetrating identification of major shareholders and actual controllers, and prohibiting the concealment of control rights and related relationships; strict regulation of shareholder behavior, prohibiting the transfer of benefits to shareholders and related parties; strengthening the responsibilities of directors, senior executives, and other "key minorities," and preventing the "flow of personnel with violations"; implementing lifelong accountability for major illegal and irregular behaviors; early intervention for institutions with significant governance defects; promoting the revision of important laws and regulations in the financial sector, and improving systems related to shareholder equity, corporate governance, and market exit.
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