Pump.fun Hit with Class Action Lawsuit Over Solana Meme Coins
On January 30, a collective lawsuit was filed in the southern part of New York, accusing the pump operator of violating the US Securities Law.
The lawsuit filed by Diego AGUILAR claimed that pumps promoted and sold unregistered securities.
Pump. Used to promote risk -based coin transactions to prosecute
this litigation Targets is headquartered in Baton Corporation LTD, which claims to operate pump.fun and its co -founder. According to the complaint, they Provide token without appropriate registration Together with the US Securities and Exchange Commission (SEC).
Legal documents say: “Tokens is a securities defined by the Securities Law.”
For the context, pump.fun is a platform, so that anyone can relax anyone Issuing the cause coin on SolanaEssence It reduces user technical and financial obstacles. Although did not directly participate in the creation of coins, the complaint pointed out that Pump.fun is a “joint publisher”.
The lawsuit believes that Pump.fun is “comprehensively controlled the creation, distribution and continuous operations.” This obviously makes it a “joint issuer”.
Diego Aguilar, chief plaintiff, He claims that he has lost the money of three specific cause coins Create -fwog, Fred and Griffain on Pump.fun. Through this situation, AGUILAR and other affected investors seek compensation for financial losses.
Litigation is also prominently displayed Pump. FUN’s role in creating speculation And manipulate sex trading environment. The platform uses the game function to encourage transactions High fluctuations and risk cause coinsEssence
The complaint believes that these functions make it easier for users (sometimes or even minors) to create and trading tokens without the need for protection in securities transactions.
“Pump. Fun minimizes or omit key investor protection measures, such as: understanding your customer (KYC) verification; anti -money laundering (AML) compliance; age verification requirements; lawsuit:” Risk disclosure trade restrictions Or other protection mechanisms. “
And, this suit The operation of claiming pump.fun It is related to a series of fraud, including the “pump and garbage dump” plan. In these schemes, internal personnel exaggerate the price of tokens through coordinated promotions. Then they sold shares at high prices, causing huge losses later.
“I hope this will only launch a safe coin, and the risk of Qi Rug is less” explain A user on x.
However, Pump.fun also faced similar lawsuits before. Burwick Law recently sued pump. Investors who have lost money due to failed coins and other suspicious projects.
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