cryptodnes.bg
Pump.fun, a Solana-based memecoin platform, is facing a class-action lawsuit accusing it of issuing unregistered securities and generating nearly $500 million in fees.
Filed by Diego Aguilar in a New York federal court, the case alleges that Pump.fun, reportedly run by UK-based Baton Corporation, used aggressive marketing tactics to hype volatile tokens, leading to investor losses.
The lawsuit names Baton executives Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedale, claiming the platform functioned as both an issuer and seller by controlling liquidity, pricing, and promotion.
Aguilar seeks to rescind all token purchases, secure damages for investors, and cover legal costs.
Earlier in January, Burwick Law also announced legal action against Pump.fun, citing investor losses and allegations of fraudulent schemes. The firm further criticized the platform for enabling harmful and offensive content.
Despite mounting legal pressure, Pump.fun recently hit a record $3.3 billion in weekly trading volume, fueled by a surge in memecoins linked to the Trump family.