The post Solana Meme Coin Factory Pump.Fun Sued by Peanut the Squirrel Trader appeared on BitcoinEthereumNews.com.

Pump.fun, one of the most successful crypto projects of last year, is facing a class action lawsuit for alleged violations of securities law. The lawsuit specifically names the sale of popular meme coin Peanut the Squirrel (PNUT) as unlawful. While the sole plaintiff is claiming to have lost just $231, they are bringing the claim on behalf of a much larger group. Filed on Thursday in the Southern District of New York, the lawsuit claims that Pump.fun has been offering and selling an unregistered security as the result of negligence or strict liability. It doesn’t claim the project’s founders have committed fraud or intentional or reckless conduct, but still seeks to hold them accountable. The filing demands a trial by jury in New York. “Our complaint alleges that Pump.fun markets itself as promoting financial freedom and censorship-resistance,” Burwick Law, the firm that filed the lawsuit, posted on X. “While in practice, it has displayed racist, antisemitic, torture, and sexual content on its homepage and exploited the hopes of everyday people—including minors—to collect hundreds of millions of dollars in fees.” **LITIGATION ALERT: PUMPDOTFUN CLASS ACTION FILED** Burwick Law, a leading crypto law firm, and @WolfPopperLLP, a leading securities law firm, have filed a federal class action lawsuit on behalf of crypto investors against the creators of PumpdotFun, a prominent memecoin… pic.twitter.com/XEWpCNn0rM — Burwick Law (@BurwickLaw) January 17, 2025 The defendants include UK entity Baton Corporation Ltd, which the lawsuit claims does business under the name Pump.fun, as well as its founders: Alon Cohen, Dylan Kerler, and Noah Bernhard Huge Tweedale (better known as Sapijiju). Only one plaintiff, Kendall Carnahan, is named in the suit. They’re being represented by attorneys from Wolf Popper LLP and Burwick Law—the firm that also recently filed a claim against creators of the Hawk Tuah token. However,…

---

Filed under: News - @ January 17, 2025 9:25 pm