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Legal troubles are made up to pump.fun. With two lawsuits in the lingering and fraud that fly, is this casino meme coin finally run out of happiness?
Pump.Fun, platform NOPROPLASSLASTED TO LANGE MEMETE KOVANICA IN SOLANS (SOL) BLOCKCHAIN, now faces another class for class action only a few days after the first day.
The legal battle, was led by the Burwick and Wolf Popper LLP, claims that the platform violates US securities laws by selling unregistered securities disguised in the memes of tokens.
** WORLD WARNING **
Burwick Law and @wolfpopperlp filed a second federal action lawsuit on behalf of investors on the PumpDotFun platform.
Complete appeal is available below.
– Burwick Law Rights (@Burwicklaw) 30. January 2025
The latest lawsuit, submitted on January 30 in the southern district of New York, names more accused, including Baton Corporation Ltd. (working as pump.fun) and key figures Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedele.
According to the Court, the Diego Aguilar claims that he suffered financial losses after buying several tokens on the platform, including the Token FWOG (FWOG) and Griffaina Token.
These tokens, aggressively are placed with the meme culture and promises of exponential returns, allegedly led to significant losses despite the achievement of high assessments – such as FWOG token, which was pumped that he hit the market of $ 500 million.
This lawsuit is accompanied by the earlier case submitted 16. January Burwick Law on the name Kendall Carnahan, targeting peanuts of the veverrel (pnut) token.
** Annex for Legal Action: PumpDotFun **
The Law of Burwick in the name of the investor on behalf of the investor in the name of legal measures in the name of the investor. If you have lost your money on any PumptotFun memecoins, you may be entitled to a fee.
Read more below.
– Burwick Law Rights (@Burwicklaw) 15. January 2025
The appeal claims that pump.fun operates cooperation with the influences of participation and market of unregistered securities. The lawsuit also claims that the business model of the platform represents the evolved form of ponzi and pump and landfill schemes, extracting almost half a billion dollars in investor benefits.
Legal campaign Burwick against pump.fun is not surprising. 15. January Max Burwick, the founder and partner of the company, openly criticized platforms such as a pump. Pump, calling them “the ultimate evolution of marketing fraud in marketing, which overturned human despair and the digital economy of attention.”
With the upcoming legal announcements, I want to make your personal position on the exploitation of memoas that are widely available. Read down. Free, freely share! pic.twitter.com/adndcqnrxh
– Max Burwick (@burwick_max) 15. January 2025
On that same day, his company invited investors who lost money for memecoins through the mat and misleading promises to appear ahead, later launch a dedicated website to help affected customers.
Behind the legal troubles, pump.fun also faced controversy over their platforms. In November 2024. He introduced a livestream function to strengthen user engagement.
However, reports quickly appeared users who abuse the disturbing and explicit content feature, including violent material and graphic recordings involving minors and animals. Backlash Forced pump.Fun to turn off the feature after the widespread condemnation from the crypto community.
Despite the installation of legal and reputational challenges, pump.fun continues to create massive income. From 31. January, Dina Analytics data indicate that the total wage of the platform is not approaching $ 500 million, with almost 47 million dollars collected in the past week.
