pump.fun project transferred another 75 million USDC to an exchange 8 hours ago, highly suspected to be cashing out

Jinse Finance reported, citing Ember monitoring, that pump.fun transferred another 75 million USDC to a certain exchange 8 hours ago. Since 11/15, they have transferred a total of 480 million USDC obtained from ICO sales to this exchange over 12 days. A few days ago, members of the pump.fun team stated that they were not cashing out, but rather dispersing the USDC obtained from ICO sales to allow the company to reinvest in its business. However, early this morning, as soon as these 75 million USDC entered the exchange, 69.26 million USDC were subsequently transferred from the exchange to Circle (the issuer of USDC).