Pump.fun dismisses token launch rumors on heels of lawsuit
The co-founder of Pump.enjoyable has denied circulating rumors about an upcoming token launch, urging customers to ignore info in a roundabout way shared by the platform.
Co-founder Alon Cohen, who helped launch Pump.enjoyable in January 2024, posted on X that his workforce stays targeted on product enhancements. Additionally they stay dedicated to “rewarding customers correctly,” he mentioned.
Cohen’s message emphasised the significance of endurance, stating “good issues take time,” whereas warning towards unauthorized claims concerning the platform’s plans. This comes because the platform goes by way of elevated consideration from each merchants and regulators.
The assertion contradicts earlier reports from crypto analyst Wu Blockchain, who reported Pump.enjoyable was getting ready to launch a token by way of a Dutch public sale mannequin in collaboration with centralized exchanges.
Hypothesis concerning the token’s options included income sharing and unique platform entry for holders.
Pump.enjoyable has established itself as a distinguished meme coin launchpad on the Solana (SOL) blockchain, permitting customers to create and commerce tokens shortly. Nonetheless, the platform faces a number of authorized challenges now.
On Jan. 16, Burwick Regulation and Wolf Popper LLP filed the primary main lawsuit towards the platform. The lawsuit alleged violations of U.S. securities legal guidelines by way of the facilitation of unregistered securities gross sales disguised as meme tokens.
The grievance particularly highlighted the case of the Peanut the Squirrel token, which allegedly skilled synthetic worth inflation by way of influencer promotions earlier than a collapse.
The authorized stress intensified on Jan. 30, with a second lawsuit increasing allegations towards Baton Company Ltd., Pump.enjoyable’s operator, and key platform executives. These authorized actions goal what plaintiffs talked about as coordinated worth manipulation schemes harming retail traders.
The co-founder’s warning towards unauthorized claims comes because the platform goes by way of this elevated regulatory scrutiny.
