Cryptocurrency platform pump.fun put investors at high financial risk and lured nearly half a billion dollars in fees by marketing and issuing unregistered and volatile memecoins, said a proposed class action filed Thursday.
Pump.fun, which the lawsuit said is run by Baton Corp., hinges on “a novel evolution in Ponzi and pump and dump schemes,” said plaintiff Diego Aguilar in the complaint filed in the US District Court for the Southern District of New York. Thursday’s suit targets all pump.fun’s memecoins for the first time.
Thursday’s complaint targets all of the tokens on pump.fun, highlighting issues through three popular Solana-blockchain-backed memecoins: First ...
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