Cryptocurrency platform pump.fun lured nearly half a billion dollars in fees from investors and put them at high financial risk by distributing unregistered memecoins, including of the eponymous Peanut the Squirrel, a proposed class action said.
Key to pump.fun, which the suit said is operated by Baton Corp. Ltd., is “a novel evolution in Ponzi and pump and dump schemes,” said investor Kendall Carnahan in the complaint filed in the US District Court for the Southern District of New York on Thursday.
Despite being a trading platform, pump.fun never registered with the US Securities and Exchange Commission and left investors ...
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