Solana Meme Coin Factory Sued

Pump.fun Faces Class Action Lawsuit for Alleged Securities Violations

• Pump.fun is accused of selling unregistered securities, specifically the meme coin Peanut the Squirrel (PNUT).
• The lawsuit was filed in the Southern District of New York by Kendall Carnahan, who claims a $231 loss.
• Defendants include Baton Corporation Ltd and founders Alon Cohen, Dylan Kerler, and Noah Bernhard Huge Tweedale.
• The platform allegedly generated over $420 million in revenue by facilitating token creation and trading.
• More than 6 million tokens have been created on Pump.fun, accounting for up to 71% of new tokens on Solana monthly.

A class action lawsuit against Pump.fun alleges it sold unregistered securities through its meme coin PNUT. The suit, filed by Kendall Carnahan in New York, claims potential damages for many users beyond Carnahan’s $231 loss. The platform reportedly made over $420 million from token transactions.