Pump-Fun accused of illegal $500M pump and dump scheme. Lawsuit filed over unregistered securities. Alleged violations of identity verification and anti-money laundering protocols.
The tokenization platform Pump.fun operating on the Solana blockchain is facing a federal class-action lawsuit. Allegedly, the platform violated US federal laws by issuing and promoting unregistered securities. Diego Aguilar, a platform user, filed the complaint in a Southern New York district court against Baton Corporation and its founders including Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedale. Aguilar claims Pump-Fun organized a pump and dump scheme, collaborating with influencers to advertise their tokens as investment opportunities, allegedly earning close to $500 million in fees. The platform is also accused of not complying with identity verification protocols and anti-money laundering regulations.
