One whale took the last $44M out of Jupiter Lend's USDC pool. For 471 nights it had parked its USDC across midnight

01 · The empty poolJupiter Lend owes USDC savers $416.1M and can pay out $88.89

If you saved USDC with Jupiter on Solana, you may not get it back today. Jupiter's lending app owes its USDC savers more than $400M. On Friday afternoon it could pay out less than $100.

Jupiter is best known for its Solana swap app. Its lending app, Jupiter Lend, has two sides. On Earn, people deposit USDC and collect interest. On Borrow, others post crypto as collateral and take out USDC loans. The interest the borrowers pay is what the savers earn.

Most of the money savers put in is lent out, and only what is left over, the spare cash, can leave at once. When it runs out, savers wait until a borrower repays or someone new deposits. Jupiter Lend's USDC pool has been stuck there since late on 29 October. Savers are in a queue.

We traced how the spare cash ran out with Bitquery's Solana data. Nearly all of it left in one move, a $44.0M withdrawal. The wallet behind it belongs to a whale, a holder big enough to move a market alone. The whale works through a cluster, a set of wallets that move money as one owner. Almost every night for 15 months, the cluster pulled USDC out of Kamino, another Solana lending app, and out of Jupiter Lend just before midnight UTC, then put it back minutes later. On 29 October it pulled out early and did not come back. One of its wallets still owes Jupiter Lend $114.5M.

02 · Thin cushionHow a Jupiter Lend pool runs out of cash

A lending pool works like a small bank. Savers get a receipt for what they put in. Here, that receipt is a token called jlUSDC. It grows in value as interest comes in.

The share of deposits that is lent out is called utilization. High utilization pays savers well, because more of their money is earning interest, but it also leaves less spare cash for anyone who wants out. In October the USDC pool ran with about 90% of its deposits lent out.

That left a thin cushion. On a typical day, about 10% of what savers were owed sat in the pool as cash. The line also dips almost every night at about half past eleven UTC. That dip is the whale. It was taking its own money out for the night.

03 · The last $44M29 October: the last $44M leaves Jupiter Lend in one transaction

The day was already heavy. Savers took more out of Earn on 29 October than on any other day in October, and put back about a third as much. That evening, hackers began draining Binance. Jupiter later said it has no exposure to Binance. The pool, though, was about to empty.

At 21:14 UTC, the pool held $29.7M of spare cash. Then a borrowing wallet repaid $17.0M of its USDC loan and lifted the cash by the same amount. That money had come from Circle, the company that issues USDC, 3 minutes before.

Less than an hour later, a wallet with a large Earn deposit withdrew $44.0M. It took 99.94% of the cash in the pool. The pool was all but empty. One second later, a wallet in the same cluster began pulling USDC out of Kamino as well.

Within half an hour the money from both apps had reached one wallet, which we call the treasury wallet because it deals with Circle. It sent the money straight on to Circle. Sending USDC back to Circle is how large clients cash it out for dollars. By the next afternoon the cluster had sent $70.9M to Circle.

04 · MidnightA whale with a midnight routine

Until then, the cluster did the same thing almost every night.

Take the night of 26 to 27 October. Around half past eleven UTC, the cluster's Kamino wallet withdrew $17.1M from Kamino. A minute later its Jupiter wallet withdrew $14.0M from the pool. Both sent the money to a hub wallet, which passed all of it to a fourth wallet that held it across midnight UTC, so we call it the midnight wallet.

A few minutes after midnight, the midnight wallet sent every cent back. Within minutes both deposits were earning interest again. The next night, the cluster did it all again.

The times barely moved. On all 471 nights, the money reached the midnight wallet in the hour before midnight, and it never left before 00:00 UTC. The median stay was 24 minutes.

On 28 October we reported the same routine on Ethereum, run through Aave and Sky by a different set of wallets: a USDC whale that parks $290M across midnight. There, the timing fitted a reward that counts USDC balances once a day. We have not found an on-chain link between the two clusters.

This whale also draws look-alike wallets. Its wallets have received 4,267 near-zero USDC transfers, most of them from addresses that copy the real ones.

05 · 15 months$37.75B parked across midnight since July 2025

The routine started on Kamino in July 2025. Jupiter Lend joined that November, and from the following February it supplied more of each night's money than Kamino did. In September and October that year, the cluster also drew on Drift, a Solana trading app with a lending side.

Over 471 nights the cluster parked $37.75B across midnight. In October, each nightly pull took about $22.0M out of the pool's spare cash for half an hour.

While the pool had cash to spare, the nightly pull came and went, but it showed how one wallet could take a thin pool's cash in a single move.

06 · Both sidesThe whale lent to Jupiter Lend and borrowed from it

The Jupiter wallet was also the biggest saver we found in the pool. Its deposit peaked in April and sat near $115.2M through October.

After the withdrawal, the rest of its deposit, $76.3M, is stuck in the queue with everyone else's. That is 18.3% of all jlUSDC, more than any other wallet we checked with our token holder data.

The cluster was a borrower too. Its borrowing wallet owes the app $114.5M of USDC. As collateral it has posted JLP, the token you get for funding Jupiter's perps exchange. The loan has not been liquidated.

That one loan is 28% of all the USDC lent through the app's borrow vaults. Repaying it would put more cash back into the pool than the cluster's own claim. The table shows how the cluster's wallets connect, and our address labels mark the Circle wallet.

07 · The queueAfter the drain: more wallets, smaller withdrawals

Then the rush started. The cash was already gone. On a normal day in late October, a median 287 wallets withdrew USDC from Earn. The day after the drain, 508 had tried by mid-afternoon.

They mostly got crumbs. Each wallet tried a few times, and the median withdrawal fell from $1,000 to $200. Whenever a borrower repaid or a saver deposited, someone took the cash within the hour.

08 · Bank run?Is this a bank run on Jupiter Lend?

A bank run starts with many savers asking for their money at once, faster than the bank can pay. Here the order was reversed. The pool kept only about 10% of its deposits as cash all month. One whale's withdrawal took almost all of that cash, and the crowd came after. That order matters. A crowd run would point to a loss of trust. This points to a thin cushion and one very large saver.

On paper, savers have lost nothing. Each jlUSDC is still worth a little more USDC every day, because borrowers keep paying interest. What savers have lost, for now, is the ability to leave when they want.

09 · What nextWhat gets Jupiter Lend withdrawals moving again

Cash comes back into the pool in two ways: borrowers repay, or new savers deposit. Like most lending apps, this one charges more when cash is short. That pushes both. On Friday, borrowers paid 15.2% per year for USDC and savers earned 14.0%.

Jupiter Earn has said the app is working as it should and all funds are safe. It says withdrawals will go through as borrowers repay or new deposits arrive. It has given no date, Solana Compass reported. Kamino paused borrowing in its SOL/BTC market late on 29 October, as a precaution during the Binance hack.

One loan stands out. It is the cluster's own. Until a borrower that size repays, or new money arrives, most savers will keep waiting.

10 · How we checkedMethod and limits

We rebuilt the cash in the USDC pool from each transfer in and out of it. Then we checked it against the pool's own balance before and after the two key transfers on 29 October, and both matched to the dollar. The whale's jlUSDC, rebuilt the same way, matched its balance on Solana to the last unit. The loan figures come from Jupiter's own data.

We tied the wallets together by the money they sent each other, night after night. Our address APIs cover every balance used here. The full Solana history is also sold as files, and Bitquery does this kind of tracing for clients through its crypto investigation services.

11 · The addressesWhere to look

These are the wallets and transactions behind this story.

FAQ

Is there a bank run on Jupiter Lend?

Not in the usual sense. Jupiter Lend's USDC pool had about 90% of its deposits lent out through October. Then one $44.0M withdrawal took almost all the spare cash, and the rush of smaller withdrawals came after.

Why can't I withdraw USDC from Jupiter Lend?

Almost all the USDC in the pool is lent to borrowers. Only spare cash can be withdrawn at once, and on Friday there was less than $100 of it against more than $400M owed to savers. Withdrawals go through as borrowers repay or new deposits arrive.

Who withdrew $44M from Jupiter Lend?

A whale whose wallets parked USDC across midnight UTC almost every night for 15 months, drawing on Kamino and Jupiter Lend. No label names the owner. The cluster sent $70.9M to Circle after leaving, and one of its wallets still has a large USDC loan from Jupiter Lend.

When will Jupiter Lend withdrawals resume?

Jupiter has not given a date. It says withdrawals will go through as deposits and loan repayments come in. Borrowers paid 15.2% per year for USDC on Friday, a rate meant to push them to repay.

Is my money in Jupiter Lend Earn lost?

We found no sign of theft. The USDC is lent out to borrowers who posted collateral, and each jlUSDC kept gaining value after the pool ran dry. Savers can only leave as cash comes back.

What is jlUSDC?

jlUSDC is the receipt token Jupiter Lend Earn gives you for a USDC deposit. It grows in value as borrowers pay interest. By the end of October, one jlUSDC was worth 1.067 USDC.