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Pumpfun hit with federal lawsuit over alleged $500M pump-and-dump scheme – TON BOT

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Pumpfun hit with federal lawsuit over alleged $500M pump-and-dump scheme

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Pump.fun, a Solana-based token launch platform, is facing a federal class action lawsuit for allegedly promoting unregistered securities, violating US securities laws. The lawsuit was filed by a user, Diego Aguilar, against the company and its founders. Pump.fun is accused of operating a pump-and-dump scheme, extracting nearly $500 million in fees. The platform is also accused of lacking investor protections and promoting tokens with racist and explicit content. This lawsuit is the third legal action against Pump.fun, raising questions about the legality of token launchpads. Aguilar and his attorneys are seeking a jury trial for damages and regulatory scrutiny.

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