Solana, Jito Executives Named in Expanded $722M Pump.fun Lawsuit
Main Idea
Solana and Jito executives are named in a $722M lawsuit against Pump.fun, which is accused of violating federal and state financial laws and allegedly facilitating money laundering for North Korea's Lazarus Group and the Bybit hack.
Key Points
1. The lawsuit names Solana co-founders Anatoly Yakovenko and Raj Gokal, Solana Foundation executives Dan Albert, Lily Liu, and Austin Federa, as well as Jito Labs CEO Lucas Bruder and COO Brian Smith.
2. Pump.fun is accused of generating over $722 million in profits through a bonding curve mechanism and violating laws including the RICO Act, Bank Secrecy Act, and OFAC sanctions regulations.
3. The platform allegedly facilitated the laundering of funds from the $1.5 billion Bybit hack via a meme coin called 'QinShihuang' launched by the Lazarus Group.
4. Pump.fun has assembled a legal team from Brown Rudnick, including crypto attorney Stephen D. Palley and former SEC investigator Daniel L. Sachs, to defend against the allegations.
Description
Burwick Law names Solana co-founders and Jito executives as defendants in an expanded lawsuit against Pump.fun. The plaintiff alleged violations of U.S. financial crime laws, including RICO and anti-money laundering regulations. The complaint links Pump.fun to North Korea’s Lazarus Group and the Bybit hack. The lawsuit against meme coin platform Pump.fun escalated further into the law firms Burwick Law and Wolf Popper now naming senior leaders from Solana Labs and Jito Labs as defendants. The la...
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