Lawsuit Alleges Pumpfun Executives Privately Admitted "Most Users Lose Money," Accusing Platform of Being a "Rigged Casino"
Odaily News U.S. law firm Burwick Law recently refiled a lawsuit against Pumpfun, Solana Labs, and related executives, accusing them of building a "rigged, unlicensed gambling platform" and allegedly organizing large-scale pump-and-dump schemes.
The lawsuit materials cite some private chat records, claiming that Pumpfun co-founder Alon Cohen stated in internal communications that "most people will lose money" among investors trading Meme coins on the platform, comparing such low-market-cap token trading to high-risk gambling. The plaintiffs also cited statements from anonymous KOLs, alleging that some promotional activities involved obtaining token information in advance and coordinating with the timing of selling.
However, the report points out that the complaint lacks direct evidence proving that Pumpfun executives personally profited from the related activities, with some allegations relying on indirect hearsay and having limited evidentiary strength. Whether it constitutes "market manipulation" still awaits subsequent court hearings and evidence collection results. (DL news)
