CandleFocus Burwick law takes legal action against Pump.fun meme coins on behalf of investors
2025-01-15
Author: Content Editor
Burwick Law is taking legal action against Pump.fun on behalf of investors who suffered losses from the platform's meme coin trading activities. The law firm is concerned about Pump.fun's anonymity and the display of illicit content on the platform. According to data from on-chain analyst Adam Tehc, out of 14 million wallet addresses on Pump.fun, only a small percentage of users have realized profits exceeding $10,000 or made over $1 million. However, Tehc argues that the data may not accurately reflect the number of profitable traders on the platform. Pump.fun's co-founder, Alon, disputes the accuracy of the data, stating that it excludes purchases made after tokens are bonded to Raydium, the decentralized exchange for Pump.fun tokens. Pump.fun has earned approximately $398 million in revenue by January 2, 2025, according to Lookonchain. The legal action coincides with Solana's DeFi activity reaching close to its all-time high, with Pump.fun dominating token creation on the platform.
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