Pump.fun Faces Class Action Over Alleged Securities Law Breaches

Description

Solana-based meme coin creation platform Pump.fun has been hit with a proposed class-action lawsuit accusing it of violating U.S. securities laws. The suit, filed on January 30, alleges that every token created through Pump.fun constitutes an unregistered security, from which the platform has profited nearly $500 million in fees. Alleged Securities Violations and Investor Losses The lead plaintiff, Diego Aguilar, claims to have suffered financial losses trading three specific Pump.fun-created me...