Unveiling Pump.Fun and Its Mysterious Founder

Pump.Fun, as the world's largest Memecoin factory, allows anyone to create their own cryptocurrency. However, years before the platform was launched, a person with the same name as co-founder Dylan Kerler had already profited by issuing and selling his own tokens.

A survey showed that in 2017, a person named Dylan Kerler issued eight types of tokens. Among them, two tokens—eBitcoinCash and EthereumCash—gained attention on cryptocurrency forums, and then their prices plummeted, with investors accusing the developers of conducting a rug pull.

According to an analysis by a blockchain security company, this developer earned approximately $75,000 in cryptocurrency in 2017 solely from the sales of eBitcoinCash and EthereumCash. Based on today's coin prices, the value of this portion of assets could reach $400,000.

Security experts say: "After waiting for market share and price increases, they quickly cashed out and left. We strongly suspect that EthereumCash is a tool designed for a Rug Pull."

Pump.Fun claims that its existence is to protect investors through standardized token issuance methods. However, there is evidence that Dylan Kerler was exactly the type of developer that the platform tried to guard against in its early days.

The Rise of Pump.Fun and Its Mysterious Founder

Pump.Fun was founded in January 2024 by three twenty-something entrepreneurs: Noah Tweedale, Alon Cohen, and Dylan Kerler. The platform quickly became the preferred incubator and trading venue for Memecoins.

This type of cryptocurrency is highly volatile and mainly created for speculation. According to statistics, in just 15 months, Pump.Fun has generated over 600 million dollars through a 1% trading commission.

The three co-founders rarely disclose their identities, locations, or company structure. Tweedale stated that this anonymity is for "personal safety" considerations to prevent the large crypto assets managed by Pump.Fun from being targeted for ransom or attacks.

Among the three, there is the least public information available about Kerler. Besides being listed as a director in the documents from the UK Companies Registry, he has almost no public association with Pump.Fun. Tweedale stated that Kerler is responsible for leading the development team in writing the platform's code and feature iterations. Apart from a social media account named @outdoteth, Kerler has virtually zero online presence.

However, a series of "digital clues" left in the corners of the internet still linked this name to the suspected rug pull operations of eBitcoinCash and EthereumCash.

Digital Footprints: Tracing Early Token Promotions

In 2017, the two tokens eBitcoinCash and EthereumCash were initially promoted by two accounts on a crypto forum: DOMAINBROKER and ninjagod, both belonging to the same user.

In a promotional forum post for eBitcoinCash, DOMAINBROKER provided an email address containing the name Dylan Kerler and referred to it as a "personal email"; while in another EthereumCash themed thread initiated by ninjagod, several forum users directly referred to Dylan Kerler as the developer of the project.

At the same time, multiple clues indicate that Pump.Fun co-founder Dylan Kerler was in the same area as the developers of eBitcoinCash and EthereumCash — the latter had stated in an old social group that he was located in Brighton, UK.

Voter registration records show that Kerler was still registered at an address in the Brighton and Hove area of the UK at least in 2024. Company registration documents indicate that an entity under Pump.Fun was registered at the same property located in Brighton and Hove. This address is also shared by two other companies, both of which list 62-year-old Kee Fatt Phoon as a director. Additionally, Phoon is also registered as a voter at this address.

Alias and Association: Dylan Kerler or Dylan Phoon?

Dylan Kerler seems to have used the alias "Dylan Phoon", which shares the same surname as Kee Fatt Phoon, suggesting that there may be a familial relationship between the two.

Until recently, a code account using the nickname "outdoteth" still retained an old code repository that contained an email named after Dylan Phoon; the avatar used by this email also appeared on an account named DylanKerler1, as well as on other social media accounts under the name Dylan Phoon.

The above account uploaded a video about the cryptocurrency Skycoin. Although the project was created by others, its project logo also appeared in the account of ninjagod, which can be seen as an indirect clue that both are from the same person.

Another account named @dylankerler4130 once published a video about the "Equis" project, which has the slogan "Revolutionizing the Gambling Industry." Equis is also promoted by ninjagod, and its code is identical to that of eBitcoinCash and EthereumCash.

In summary, the two names used by the co-founder of Pump.Fun—Dylan Kerler and Dylan Phoon—can both be traced back to accounts that promoted EthereumCash and eBitcoinCash.

ICO Bubble and Early Rug Pull Models

eBitcoinCash and EthereumCash were both launched by developers using the name Dylan Kerler during the peak of the ICO craze. At that time, hundreds of token projects raised billions of dollars from investors through the ICO model. ICOs became widely popular among crypto startups because they do not require equity dilution.

Conducting an ICO typically involves a three-step process: deploying a contract on the Ethereum network to mint tokens, outlining the project vision on the official website, and soliciting investment externally. Analysts say: "Many projects are just a white paper plus a website with a countdown timer - the barrier to entry is extremely low."

Experts point out that although some projects funded through ICOs are still in operation, most ICOs have been manipulated, exaggerated, or even completely fraudulent, ultimately leading to tighter regulations. Many developers exaggerate the use of their projects, manipulate prices to create hype, and even fabricate return rates.

"Developers vigorously promote the illusion of high returns," said a research analyst, "which is precisely the source of the FOMO mentality."

The hype of the ICO craze led many gullible investors to chase profits with almost no due diligence, a phenomenon that is strikingly similar to today's investment behavior in dubious meme coins. "There are many similarities between the meme craze and ICOs," the analyst pointed out, "it's very easy to sell a story to the public and then quickly harvest."

The Boom and Bust of EthereumCash

A developer known as Dylan Kerler began promoting his most popular token - EthereumCash in early October 2017.

The developer continued the standard script from before: minting tokens on Ethereum, building a website, and promoting it on forums and social media. To generate buzz, they distributed tokens for free through a so-called "airdrop" and promised to release a white paper. At that time, the white paper was seen as a symbol of legitimacy and could drive up prices.

Experts point out: "The release of a white paper can greatly enhance attractiveness. Even just the promise to release it is enough to stir market sentiment."

The screenshots of the project's deleted website circulating on social media reveal how it promotes itself to potential investors. The page claims: "We are committed to making the transition from fiat to cryptocurrency as smooth as possible while maintaining integrity and a high-end atmosphere (. The original text's grammatical errors are retained )." At the bottom of the page, there is also an image of an EthereumCash debit card that claims to be usable for physical consumption.

Data shows that within just a few days, hundreds of people have registered to participate in the EthereumCash airdrop. Meanwhile, discussions on the forum are heated. One user wrote: "Let's spread the word and get more people to notice this outstanding token." As of October 19, the market capitalization of EthereumCash has risen to approximately 1.3 million dollars.

But just when early investors were filled with expectations, a developer named Dylan Kerler began secretly offloading.

Security company analysis shows that Dylan Kerler distributed millions of EthereumCash to wallets under his control days after the token was created. One of the wallets starting with 0x7f3E2 was subsequently used to sell large amounts of tokens to the market.

Between October 19 and 21, 0x7f3E2 sold hundreds of batches of EthereumCash on the peer-to-peer trading platform EtherDelta. These sales coincided with a catastrophic drop in the asset's price, which fell by 87.9%.

Panic began to spread on social media and forums. One user, probably looking to find some humor in the situation, started jokingly referring to the token as "ECRASH." Others accused the developers of being fully responsible. Another user who participated in the EthereumCash airdrop stated, "Everyone is very angry." "I think this is my first experience with a Rug Pull."

The highly anticipated white paper never appeared, and in the end, the developer named Dylan Kerler disappeared from forum posts and social groups. Just a few days ago, he had written: "I can assure everyone that the project is making significant progress."

In three transactions on October 20 and 21, the developer's wallet withdrew a total of 240 Ethereum from EtherDelta, yielding approximately $75,000 at that time. After each withdrawal, these ETH were immediately transferred to another wallet address, and then dispersed into three wallets. Ultimately, these ETH were transferred to accounts on some centralized exchanges—platforms that are typically used to convert cryptocurrencies into fiat.

The investigation identified at least 20 wallets used by a developer claiming to be Dylan Kerler. These wallets were used for issuing, airdropping, or selling eBitcoinCash and EthereumCash, or for transferring related revenue to centralized exchanges.

"The effect of this layered processing is to obscure the flow of funds," the expert said, "If you have nothing to hide, there is actually no need to do this. It is inherently suspicious."

Despite some investors still harboring fantasies about its return—on October 24, someone even joked, "I smell the scent of a white paper"—all signs have long indicated the final outcome.

In a forum post at the beginning of October, a developer wrote: "This will be like a Pump and Dump, a round of price increase and then selling off, early investors can recoup their costs." "I apologize for being so direct, but that's just the way it is."

Faster than wealth creation is forgetting.

To this day, the frenzy of Pump.Fun has not ceased. According to statistics, its platform generates daily revenue as high as $1 million. The founders' wealth has skyrocketed, far surpassing that of eBitcoinCash and EthereumCash from back in the day. However, while this "wealth creation machine" continues to operate, the contrary intention of Rug Pulls is still being played out, with almost no one paying attention.

In November last year, a teenager started a live stream on Pump.Fun and created and sold a token in just a few minutes, netting $30,000. He shouted "Holy fuck! Holy fuck!" while giving the camera the middle finger—this moment might truly be a footnote of this era.

![Revealing Pump.Fun and its