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Pump.fun faces collective lawsuit for marketing memes without registered issuance
BlockBeats news, on January 31st, according to Bloomberg Law, pump.fun is facing a collective lawsuit. The plaintiffs accuse pump.fun of violating US securities laws by marketing and issuing unregistered and highly volatile meme coins, exposing investors to significant financial risks and collecting nearly 5 billion US dollars in fees. The lawsuit has been filed in the Southern District Federal Court of New York, marking the first time that all meme coins on the pump.fun platform have been charged. The plaintiffs describe it as a new evolution of ‘Ponzi Scheme’ and ‘Pump and Dump’.