Burwick Law Firm Prepares Lawsuit Against Pump.fun

user avatar

by Giorgi Kostiuk

2 years ago

New York-based law firm Burwick announced its intention to sue the meme coin platform Pump.fun due to investor losses.

Allegations Against Pump.fun

The Burwick law firm claims that the Pump.fun platform generated 'hundreds of millions' through fees while facilitating illegal activities including racism and drug use. The platform's creator remains anonymous despite the importance of transparency, according to the firm.

Counterarguments

On-chain sleuth ZachXBT replied that those investing in low-cap meme coins are not victims. Max Burwick, the firm's founder, compared meme coins to regulated gambling, highlighting their differences.

Reaction and Impact

Pump.fun has been popular among developers seeking to profit from meme coin hype. Last month, the platform collected $80.3 million, down from November's $93.8 million, according to DefiLlama data.

The situation around Pump.fun highlights the risks of investing in meme coins, raising questions about the responsibilities of platforms and investors in the crypto space.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Solana Ecosystem Tokens Outperform Broader Altcoin Market

chest

Recent performance benchmarks indicate that Solana ecosystem tokens are outpacing the broader altcoin market, highlighting the active internal rotation within the network.

user avatarSon Min-ho

Arbitrum Achieves $814 Million in Daily DEX Volume

chest

Arbitrum has recorded an impressive $814 million in daily decentralized exchange volume, showcasing strong activity on the Ethereum Layer2 network.

user avatarAyman Ben Youssef

Securitize Enhances Tokenization Framework for Public Equities

chest

Securitize has enhanced its framework for tokenizing public equities, contributing to the integration of traditional assets into blockchain infrastructure.

user avatarTando Nkube

Significant Surge in Dogecoin Network Activity

chest

Significant surge in Dogecoin network activity with a 35% rise in active addresses and daily transactions exceeding 12 million.

user avatarKofi Adjeman

XRP Ledger Reaches 3 Billion Transactions Milestone

chest

The XRP Ledger has achieved a remarkable milestone by crossing 3 billion cumulative transactions.

user avatarNguyen Van Long

Cardano's Blockchain Verification Infrastructure Deployed by Major Retail Group

chest

A major retail group has successfully deployed blockchain verification infrastructure built around Cardano's ecosystem, enhancing the verification of authenticity, origin, and sustainability claims within supply chains.

user avatarSatoshi Nakamura

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.