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2 min read 31 Jan 2025

Memecoin: investors take Pump.Fun to court

By Davide Grammatica

Memecoin launch platform Pump.Fun has been hit with a class action lawsuit accusing it of violating U.S. federal financial asset laws

Memecoin: investors take Pump.Fun to court

Trouble ahead for Pump.Fun

The memecoin world could face serious regulatory problems. The reason is the recent class action filed against Pump.fun, the famous token-launching platform on Solana, accused of violating U.S. federal financial asset laws.

According to the accusation by investor Diego Aguilar, who filed the lawsuit in a New York court, the platform allegedly exploited an “illicit” system to obtain nearly $500 million through commissions.

“Pump.Fun’s primary function is to partner with various influencers to co-issue and market unregistered financial assets,” the filing reads. “A new evolution of Ponzi and ‘pump and dumpschemes.”

Aguilar sued directly Baton Corporation, the company behind the platform, and thus its founders, Alon Cohen, Dylan Kerler and Noah Tweedale. And he claimed to have suffered several losses by investing in three different memecoins, FRED, FWOG and GRIFFAIN.

The problem, according to Aguilar, would be marketing campaigns on socials like TikTok, which promised “100x” or “1000x” returns with the platform’s approval (or at least indifference).

In addition, Pump.fun would not provide the protection needed to protect users, starting with a KYC protocol or anti-money laundering regulations. Earlier this month, the law firm Burwick Law called on the entire community to join in the legal action, and now Pump.fun faces a further challenge in court.

In fact, Burwick Law, again, has already filed two other class action lawsuits against the platform, the first regarding the events around the PNUT token , and the second for the HAWK scandal.

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