Pump fun accused of $500 million fraud

Popular memecoin platform Pump fun on the Solana blockchain is facing its second investor lawsuit in two weeks.

The platform is accused of selling unregistered securities under the guise of memecoins and committing fraud.

The firm Burwick Law, which filed both lawsuits, claims that Pump fun is an advanced form of Ponzi and Pump-and-Dump schemes that allowed it to extract almost $500 million in fees.

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