Pump.fun faces a consolidated class action lawsuit alleging it operates an illegal 'Meme Coin Casino,' inflicting billions in losses on retail traders.
Pump.fun is facing a consolidated class action lawsuit claiming it operates an illegal 'Meme Coin Casino,' resulting in estimated losses of $4 billion to $5.5 billion for retail traders. The lawsuit, filed in the Southern District of New York, targets Pump.fun's operator Baton Corporation and its founders, alongside executives from Solana Labs and Jito Labs. Plaintiffs allege the platform allows minors to trade without proper verification and facilitates intellectual property theft. The lawsuit seeks compensatory damages, treble damages under RICO, and injunctions against the defendants.