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The New York law firm Burwick Law filed a class action lawsuit against the pump.fun memecoin platform.2 I expected they would have a large pool of potential plaintiffs to pull from, given analysis last year suggesting that most people who traded pump.fun tokens had lost money.3 However, the lead plaintiff in the suit seems to be some guy who lost $231 gambling on a $PNUT memecoin, themed after a squirrel-turned-very-brief MAGA cause célèbre. A loss is a loss, I suppose. That said, I’m not sure it helps their case that said lead plaintiff — who is down almost $50,000 across all of his pump.fun trading — is still trading memecoins on the platform even after filing the lawsuit accusing it of being an unlicensed securities exchange that relies on shock value to pump token prices. The whole thing strikes me, not a lawyer, as a bit of a slapdash lawsuit. However, pump.fun is also an absolute shitshow, so perhaps slapdash will do.

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The New York law firm Burwick Law filed a class action lawsuit against the pump.fun memecoin platform.2 I expected they would have a large pool of potential plaintiffs to pull from, given analysis last year suggesting that most people who traded pump.fun tokens had lost money.3 However, the lead plaintiff in the suit seems to be some guy who lost $231 gambling on a $PNUT memecoin, themed after a squirrel-turned-very-brief MAGA cause célèbre. A loss is a loss, I suppose. That said, I’m not sure it helps their case that said lead plaintiff — who is down almost $50,000 across all of his pump.fun trading — is still trading memecoins on the platform even after filing the lawsuit accusing it of being an unlicensed securities exchange that relies on shock value to pump token prices. The whole thing strikes me, not a lawyer, as a bit of a slapdash lawsuit. However, pump.fun is also an absolute shitshow, so perhaps slapdash will do.
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Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 18-Jan-2025 09:48:56 JST Molly White
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There’s a class action lawsuit against the pump.fun memecoin platform, and it looks... messy. The lead plaintiff, down $50,000 across the board but only suing over a $230 loss of the “PNUT” token, has continued trading on the platform he’s suing even after the lawsuit was filed.
#crypto #cryptocurrency

In conversation about 12 days ago from hachyderm.io permalink