Burwick Law has refiled a lawsuit against Pump.fun, Solana Labs, and the Solana Foundation, accusing them of operating a "rigged, unlicensed gambling operation." The lawsuit, which includes 5,000 private messages, claims that Pump.fun predetermined winners and losers, extracting profits from retail investors. Co-founder Alon Cohen allegedly acknowledged in private messages that most users lose money on the platform.
The lawsuit also alleges that crypto influencers were paid to promote memecoins without disclosure, benefiting from insider information. Burwick argues that Pump.fun profited by taking a cut of transactions, facilitated by Solana's network capabilities. The case hinges on whether Pump.fun's practices constituted a "rigged casino" and if Solana's infrastructure enabled the alleged scheme.
Pump.fun Faces Lawsuit Over Alleged 'Rigged Casino' Scheme
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