Burwick, a law firm from New York, is suing Pump.fun, a Solana-based platform for memecoins, on behalf of investors who have suffered significant losses. The firm claimed the platform exploited users and allowed harmful content to thrive while profiting from its fees. Legal Action Against Pump.Fun In a detailed X post on Wednesday, Burwick announced it represents investors who alleged they were scammed by Pump.fun’s memecoin offerings. The firm revealed it has been working with these victims for months, hoping to hold the platform accountable for its actions. Burwick claimed Pump.fun took millions of dollars while failing to protect users from harmful content and deceptive practices. The legal firm believes the rise of memecoins is a major problem for crypto investors. These speculative assets, often manipulated by a small group of people, have become a risk to many. Max Burwick, the firm’s founder, compared memecoin trading to a rigged casino, where the odds are stacked against regular investors. Burwick Accuses Pump.Fun of Profiting from Harmful Content Burwick also criticized the platform for allowing offensive content, including drug use and abuse, to appear on its site. The legal firm alleged that the platform profited hundreds of millions in fees while its platform became home to disturbing content. In November, the platform disabled its live-streaming feature after these issues were reported, but many still question its lack of accountability. Burwick also pointed out that the anonymous creator of the platform has made it hard to hold anyone responsible. Pump.Fun’s Growth Despite Controversy Despite the controversies, Pump.fun’s popularity grew in 2024, making it a significant player in the memecoin market. Last month, the platform reported $80.3 million in revenue, although this is slightly down from November’s $93.8 million , according to DefiLlama data. This success has made Pump.fun a major part of the rise of Solana-based memecoins. However, its rapid growth has raised concerns about its ethical practices. Burwick is pushing forward with its lawsuit, inviting investors who feel wronged to join the legal fight. They hope to see justice for what they believe is exploitation and manipulation by Pump.fun and other memecoin platforms. The post Law Firm Files Lawsuit Against Pump.Fun for Investor Losses appeared first on TheCoinrise.com .
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