Pump.Fun in Hot Soup Over PNUT

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Pump.Fun, one of the most popular projects in the meme space, is being sued in a class action for allegedly breaking securities laws.

The sale of Peanut the Squirrel (PNUT), a well-known meme coin, is specifically named as illegal in the lawsuit.  The lone plaintiff is filing for a larger group despite claiming to have lost $231.

Pump was accused in the lawsuit filed in the Southern District of New York on Thursday. The lawsuit highlighted Pump.Fun had been selling and offering unregistered security.

“According to our complaint, Pump. Fun claims to promote financial independence and resistance to censorship,” Burwick Law, the lawsuit’s filing firm, wrote on X.

“In reality, however, it has exploited the aspirations of common people, including children, to earn hundreds of millions of dollars in fees by displaying racist, antisemitic, torture, and sexual content on its homepage. “.

The lawsuit aims to hold the project’s founders accountable without alleging that they have engaged in dishonesty or careless or deliberate behavior.

One of the defendants is Baton Corporation Ltd., a UK company that the lawsuit alleges operates under the name Pump. fun, along with its creators: Noah Bernhard Huge Tweedale, Dylan Kerler, and Alon Cohen. The lawsuit only names one plaintiff, Kendall Carnahan.

Lawyers from Wolf Popper LLP and Burwick Law, which also recently brought a lawsuit against the Hawk Tuah token’s developers, represented them.

The lawsuit has been filed on behalf of all similarly impacted Pump.Fun, but the plaintiff asserts that there may be “hundreds or thousands” of victims suffered because of the meme token

ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

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