US Crypto Law Firm Promoting Legal Action Against PumpFun

A US crypto law firm plans to take legal action on behalf of investors who lost money on Solana-based meme coin launchpad Pump.fun
On the 15th (local time), Burwick, a US law firm specializing in crypto assets (virtual currencies), announced through X that "Today, Burwick Law Firm,
"We are officially announcing that we are pursuing legal action on behalf of Pumpfan's meme coin investors," the firm said. The Berwick law firm said such action was taken in response to Pumpfan's
He explained that this comes after months of working with ordinary people who have lost significant amounts of money on platforms like Bitcoin due to meme coins, rug pulls, and unfulfilled promises.
Over the past few months, Pump.Fun has become a platform for illegal drug use, self-harm, racism, anti-Semitism, obscenity, animal cruelty, violence and other anti-social behaviour.
"The company has made hundreds of millions of dollars in fees from cryptocurrency mining, which is taking place on its own systems," said Adam, an analyst at Dune.
According to Tehc, of the 14 million cryptocurrency wallets that have interacted with Pump.Fun, more than $10,000 has been spent.
Only 0.4% of the claims were profitable, suggesting that Burwick Law Firm, which is part of the lawsuit, could have millions of clients.
"Pump.Fun's anonymous founders and other corrupt individuals and companies deceived everyday people with false promises and exploited them for not realizing the potential of cryptocurrency," the Berwick law firm said in a statement.
Instead of presenting the truth, this focus creates an ecosystem that exploits everyday people and hides behind cryptocurrency buzzwords to stymie projects that can have a social impact.
Pump.dotFun, on the other hand, is a Solana-based platform where cryptocurrency enthusiasts can create and launch their own meme coins without any technical expertise.
Launchpad. PumpFun previously shut down its live streaming feature to prevent meme coin creators from engaging in risky activities to promote their tokens.
The UK Financial Regulatory Authority blocked UK access to PumpFun in December last year as part of anti-fraud measures.