New York firm Burwick Law said it is preparing a lawsuit against Pump.fun on behalf of memecoin investors who lost “significant sums”.
**LEGAL ACTION ALERT: PUMPDOTFUN**
Burwick Law is pursuing legal action on behalf of investors in pumpdotfun memecoins. If you lost money on any pumpdotfun memecoins, you may be entitled to compensation.
Read more below.
— Burwick Law (@BurwickLaw) January 15, 2025
The firm said the platform’s founders had collected “hundreds of millions of dollars” in fees in recent months while remaining anonymous. Meanwhile, the site featured antisocial content as rug pulls, fraud and deception flourished.
The lawyers noted that cryptocurrencies attract users with “foundational promises”: the democratisation of finance, the transformation of traditional systems and the empowerment of every individual.
“Nevertheless, instead, today the crypto landscape is dominated by scams and speculative assets like memecoins, which primarily benefit small pools of insiders and corrupt corporations.”
The firm invited affected investors to join the suit and submit their claims. Burwick Law cautioned that the outcome of litigation is not guaranteed.
According to a dashboard on Dune, about 6.1m tokens have been launched on Pump.fun. The platform’s cumulative fees have approached 2.3m SOL.
In November, Pump.fun’s developers disabled the streaming feature after community criticism of the content on display. The platform’s daily revenue fell by roughly a third.