fbevents
로고와 STAT 라이브

Meme Coin Platform 'PumpFun' Faces Class Action Lawsuit for Securities Law Violation in the US

Source
Doohyun Hwang
공유하기
  • It was reported that 'PumpFun' is embroiled in a class action lawsuit for violating US securities laws, with approximately $500 million in fees being questioned.
  • The main issues of the lawsuit are the sale of unregistered securities and allegations of a Pump & Dump scheme by PumpFun.
  • The lawsuit is a result of claims that the founders of PumpFun manipulated the market, causing numerous victims.
STAT AI Notice
  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

The meme coin issuance platform 'PumpFun' has been embroiled in a class action lawsuit for alleged violations of US securities laws.

According to industry sources on the 31st (local time), PumpFun users filed a lawsuit against PumpFun's parent company 'Barton Corporation' and three founders in the Southern District Court of New York. The plaintiffs claim that PumpFun systematically planned a 'Pump & Dump' scheme, promoting and selling unregistered securities to collect approximately $500 million (about 680 billion KRW) in fees.

Additionally, participants in the lawsuit criticized that the founders of PumpFun manipulated the market with a structure similar to a Ponzi scheme, packaging it as a legitimate investment opportunity through aggressive marketing, resulting in numerous victims.

publisher img

Doohyun HwangholderBadgeholderBadge dark

cow5361@bloomingbit.ioKEEP CALM AND HODL🍀