The Solana-based platform Pump.fun is facing legal allegations due to intellectual property rights violations concerning some of its token launches.
Cease and Desist Letter
On February 5th, a cease and desist letter was issued against Pump.fun by U.S. law firms Burwick Law and Wolf Popper LLP, demanding the removal of several meme coins allegedly misusing their names and logos. The letter demands the 'immediate removal of the Dogshit2 token' and other tokens that the firms claim were created to impersonate them.
Legal Actions Against Pump.fun
The situation has also led to two class-action lawsuits against Pump.fun, both spearheaded by Burwick Law and Wolf Popper LLP on behalf of investors. The first lawsuit targets the sale of Peanut the Squirrel token, alleging it's an unregistered security. The second lawsuit is against Pump.fun operator Baton Corporation Ltd, alleging a pump-and-dump scheme.
Community Reactions and Consequences
The community has reacted vigorously, especially concerning the meme coin DOGSHIT2, which surged over 170% following the letter's issuance on February 5th. This case has also raised questions about how easily tokens can be created on Pump.fun. No official statements from Pump.fun have been made yet.
The situation around Pump.fun has intensified legal pressures on the platform. Discussions within the community continue while awaiting an official response from Pump.fun.
