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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113846605099185869">Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 18-Jan-2025 09:48:56 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113846599959219157" rel="in-reply-to">in reply to</a></div></section><article><p>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.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4395961#notice-8598683">In conversation</a><time datetime="2025-01-18T09:48:56+09:00" title="Saturday, 18-Jan-2025 09:48:56 JST">about 12 days ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113846605099185869" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113846605099185869">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3945156">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.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/846/603/354/467/835/original/6238434ba461cf72.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/846/603/354/467/835/original/6238434ba461cf72.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3945157">Prior to its filing, some crypto enthusiasts scoffed at the prospect of any lawsuit against pump.fun, including blockchain sleuth ZachXBT:Tweet by zachxbt: “degenerate gamblers willingly choosing to gamble on micro-cap meme coins are not actual victims or investors”, with the clapping emoji between each wordOne of Burwick’s founding partners, however, argued (as I have in the past) that the type of crypto activity dismissed as “gambling” is often actually far riskier than gambling, at least when it comes to the regulated variety, and that crypto activity like this is more akin to gambling in a rigged game.4 Burwick, a relatively new firm, focuses on crypto class actions. Late last year, they filed suit against the creators of the failed “Hawk Tuah” crypto token [W3IGG] and against Caitlyn Jenner over her apparently abandonedb $JENNER token [W3IGG]. It remains to be seen how their lawsuits fare when it comes to grabbing legal victories in addition to just headlines.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/846/603/373/020/445/original/190303e97ea296e4.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/846/603/373/020/445/original/190303e97ea296e4.png</a></li></ol></footer></blockquote>

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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 conversationabout 12 days ago from hachyderm.iopermalink
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1. 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.
  https://media.hachyderm.io/media_attachments/files/113/846/603/354/467/835/original/6238434ba461cf72.png
2. Prior to its filing, some crypto enthusiasts scoffed at the prospect of any lawsuit against pump.fun, including blockchain sleuth ZachXBT: Tweet by zachxbt: “degenerate gamblers willingly choosing to gamble on micro-cap meme coins are not actual victims or investors”, with the clapping emoji between each word One of Burwick’s founding partners, however, argued (as I have in the past) that the type of crypto activity dismissed as “gambling” is often actually far riskier than gambling, at least when it comes to the regulated variety, and that crypto activity like this is more akin to gambling in a rigged game.4 Burwick, a relatively new firm, focuses on crypto class actions. Late last year, they filed suit against the creators of the failed “Hawk Tuah” crypto token [W3IGG] and against Caitlyn Jenner over her apparently abandonedb $JENNER token [W3IGG]. It remains to be seen how their lawsuits fare when it comes to grabbing legal victories in addition to just headlines.
  https://media.hachyderm.io/media_attachments/files/113/846/603/373/020/445/original/190303e97ea296e4.png

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