Solana-based launchpad Pump.fun is facing legal trouble once again after a law firm filed a class action lawsuit against the platform on behalf of investors who lost money on memecoins deployed in Pump.fun.
The lawsuit alleges that the platform sold unregistered securities, promoted pump-and-dump schemes, and lacked proper user protection measures.
According to the law firm, Burwick Law, the lawsuit was filed in the Southern District of New York on Thursday. The complaint alleges that Pump.fun had been offering and selling unregistered securities.
The lawsuit specifically mentions Peanut the Squirrel (PNUT) as an unregistered security, the sale of which violated the Securities Act.
The lawsuit also claims that Pump.fun operations are a “novel evolution in Ponzi and pump and dump schemes,” which has allowed minors to engage with unregistered securities to minors.
In addition to Pump.Fun’s unique marketing techniques, the platform enables minors to both issue and purchase unregistered securities.
The plaintiff also alleges that the Solana platform omitted basic investor protection measures, including Know-your-client procedures and anti-money laundering protocols, and failed to disclose risks to users.
“This is exemplified by the ease in which any person, regardless of age can create an account and purchase a token in less than 5 minutes,” the court document reads.
The news of the lawsuit received a mixed response from the crypto community. Some Pump.fun users affirmed they would join the lawsuit, while other community members stated it wasn’t “realistic to expect anything” from it.
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