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.
A new breed of cyber-attack is sweeping through crypto media, exploiting site pop-ups and wallet-connect prompts instead of smart-contract bugs.
CoinMarketCap, one of the most widely used crypto data tracking platforms, is reportedly facing a front-end security breach, with multiple users encountering a suspicious prompt to verify their wallets.
Russia’s attempt to formalize its crypto mining sector is falling short, with most miners opting to remain off the books despite new regulations.
A well-known investor at crypto VC firm Hypersphere has fallen victim to an elaborate phishing attack that wiped out a substantial portion of his personal savings.