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 Pumpdotfan meme coin investors."
The Berwick Law Firm said such measures are not covered by the POMP.F
He explained that the move comes after months of working with regular people who have lost significant amounts of money on platforms like Fan due to meme coins, rug pulls, and unfulfilled promises.
Over the past few months, Pump.dotFun has warned that illegal drug use, self-harm, racism, anti-Semitism, obscenity, animal cruelty, violence and other anti-social behaviour are occurring on its platform.
"They've made hundreds of millions of dollars in fees while this is going on," said Adam, an analyst at Dune.
According to Tehc, out of the 14 million cryptocurrency wallets that have interacted with Pump.DotFun, $10,000
Only 0.4% of the cases were profitable above that figure, suggesting that Burwick Law Firm's clients in the lawsuit could number in the millions.
"The anonymous founders of Pump.DotFun and other corrupt individuals and companies deceived everyday people with false promises and exploited them for the potential of cryptocurrencies," the Berwick law firm said in a statement.
Rather than realizing their value, this focus creates an ecosystem that hides behind cryptocurrency buzzwords to exploit everyday people and sabotage projects that can have a social impact.
Meanwhile, Pump.dotFun is a social networking website that allows cryptocurrency enthusiasts to create and launch their own meme coins without any technical expertise.
Pump.Fun recently shut down its live streaming feature to prevent meme coin creators from engaging in risky activities to promote their tokens.
The UK Financial Services Authority blocked access to Pump.fun in the UK in December as part of its fraud prevention measures.
2025/01/16 14:25 KST
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