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International Business Times

Business

Marvie Basilan

Memecoin Launchpad Pump.fun Sued Over Investor Losses, Business Practices; Solana Mentioned

Solana Lawsuit United States Pumpfun SEC Crypto blockchain Gensler

Pump.fun is a popular memecoin launchpad. (Credit: pump.fun on X / Video Screenshot)

KEY POINTS

Popular Solana-based memecoin $PNUT was tagged as a security in the lawsuit
The lawsuit alleged that Pump.fun is a 'novel evolution in Ponzi and pump and dump schemes'
The Solana blockchain, home to many memecoins, was also mentioned in the complaint

Pump.fun, the popular memecoin Launchpad, has been sued by cryptocurrency law firm Burwick Law and securities law firm Wolf Popper LLP, in a federal class action lawsuit on behalf of crypto investors whose hopes were allegedly "exploited" by the platform.

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