The generator of even Pump.fun was struck by another trial in collective appeal on Thursday, accusing the company and its leaders of ratify in nearly $ 500 million in fees while violating American securities laws.
The pursuit, deposited in the South New York District (SDNY), depends on the greatest persistent question in the cryptographic industry – when a token is security? Although the pursuit alleys that each token created using the Pump.fun platform is security, and therefore subject to American securities laws, it is far from being a question of established law. Under the United States’s new Donald Trump administration (SEC) Securities and Exchange Commission said that it has changed a column for cryptography regulations, creating a new working group on the crypto responsible for establishing a clear regulatory framework for industry.
The principal applicant of Thursday’s prosecution, Diego Aguilar, said he lost money by exchanging three same created by the little blow – FWOG, Fred and Griffain. Although Pump.[ing] This scheme by providing automated tools that allow anyone to create and sell digital tokens almost worthless in a few minutes “and is therefore considered a” joint transmitter “of all the tokens launched on its platform.
The costume of Aguillar appoints a company registered in the United Kingdom called Baton Corporation, which alleges the operator of Pump.fun, as well as three of the company’s co -founders – COO Alon Cohen, CTO Dylan Kerler and PDG Noah Tweedale. Cohen refused to comment, telling Coindesk that he was talking about for himself and not for the company. The other members of the team could not be joined at the time of the press.
The law firm who filed the complaint, Wolf Popper LLP, based in New York, has filed another collective appeal against Pump.Fun only two weeks ago. This prosecution, filed on January 16, has a different main applicant, but also accuses Baton Corporation and its three co -founders of selling unregistered security – the IPP, a samecoin based in Solana inspired by Peanut The Squirrel, that the prosecution claims reached a market capitalization of $ 1 billion. At the time of publication, the PNUT token is down 89% compared to its $ 2.25 summit last November.
Wolf Popper LLP, as well as the cabinet focused on litigation of Crypto Burwick Law, is also at the origin of the recent collective appeal filed against the promoters of the Hawk token, a same linked to the influencer Hailey Welch, alias Hawk Tuah.
Although Pump.fun was launched a year ago, the same factory, based in Solana, is not unrelated to the controversy. Last March, the British financial regulator issued a warning against the platform, leader Pump. Fun to ban users based in the United Kingdom. It has also been criticized for its now indorted live functionality, which allowed certain users to promote their tokens with violent or sexual content.
Read more: Crypto gets a shock video as users broadcast NSFW content to pump their same
The costume requires damage and lawyers.
Danny Nelson contributed the reports.
