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Solana’s Pump.fun Faces Legal Heat for ‘Exploiting’ Millions of Investors
Burwick Law is pursuing legal action against Solana-based memecoin launchpad Pump.fun, accusing it of exploiting investors through scams, unfulfilled promises, and harmful platform practices.
Steven Walgenbach
January 16, 2025
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Breaking Crypto Stories
Here are the top stories today:
Law Firm Says It’s Pursuing Potential Legal Action Against Pump.fun
SEC Under Trump Could Freeze Crypto Cases Not Involving Fraud: Report
Tether Sues Swan Bitcoin Over Alleged Breaches in Joint Bitcoin Mining Venture
Huione Guarantee: Largest Illicit Crypto Marketplace Grows Rapidly
Bitcoin Price Prediction for 2025: Could Trump Returning Spark a Crypto Bull Market?
Question of the Day
What will Trump focus on in his inauguration speech?
US-based Burwick Law is pursuing legal action against Solana-based memecoin launchpad Pump.fun, alleging exploitation of investors through rug pulls and false promises, with potential class-action participants in the millions.
Burwick Law is representing investors who lost significant funds to scams and unfulfilled promises on Pump.fun, a Solana-based memecoin launchpad.
The platform is accused of enabling harmful activities, including illicit content, and exploiting users under the guise of crypto innovation.
Burwick is also targeting other projects like Moonbirds and Full Send Metacard NFTs, alleging deceptive promises to investors.
The US SEC may reconsider its crypto enforcement strategy under new leadership in 2025, potentially freezing non-fraud cases and revisiting securities classifications under the incoming Trump administration.
The SEC could drop or freeze crypto enforcement cases not involving fraud after the inauguration of President-elect Donald Trump and the expected departure of current SEC Chair Gary Gensler.
With a reduced commission and Republican commissioners Hester Peirce and Mark Uyeda likely influencing decisions, the SEC may redefine securities classifications and approach to crypto regulations.
Key cases, including those against Ripple, Coinbase, and Binance, highlight the contentious relationship between the SEC and crypto firms, with significant appeals and judgments still pending.
Tether has sued Swan Bitcoin, alleging significant breaches in their Bitcoin mining partnership, with accusations involving stolen trade secrets, a hostile takeover, and conflicting claims of contractual violations.
Tether and 2040 Energy have filed a lawsuit against Swan Bitcoin in the High Court of England and Wales, citing alleged contract violations and misappropriation of trade secrets.
Swan accuses its former employees of creating a rival company, Proton Management, using stolen proprietary information and claims Tether supported a "hostile takeover" of their mining operations.
Swan has also sued its legal counsel, Gibson, Dunn & Crutcher, for alleged malpractice, claiming a conflict of interest that undermined its position in the dispute.
Huione Guarantee, now rebranded as Haowang Guarantee, has emerged as the largest illicit crypto marketplace, with over $24 billion in transactions, fueled by its controversial USDH stablecoin designed to evade regulatory oversight.
Huione Guarantee, rebranded as Haowang Guarantee, has seen a 51% surge in monthly inflows since July 2024, surpassing $24 billion in total transactions and attracting over 900,000 users.
The launch of USDH, a stablecoin lacking asset-freezing capabilities, has fueled its growth, becoming a preferred tool for cybercriminals and raising concerns across multiple blockchains.
Despite rebranding efforts, Elliptic highlights the platform’s role in enabling cyber scams, money laundering, and fraud, underscoring the urgent need for stricter global crypto regulations.
Bitcoin is projected to reach $145,000 to $249,000 by 2025, fueled by $520 billion in anticipated capital inflows, with potential boosts from regulatory shifts and Donald Trump’s possible return to the U.S. presidency.
CryptoQuant forecasts Bitcoin's price could soar to $249,000 in 2025, driven by $520 billion in new capital and an expanding realized market cap.
Analysts suggest Trump’s return to the presidency could create favorable conditions for institutional crypto adoption, bolstering market sentiment and driving BTC prices higher.
While CryptoQuant’s forecast is optimistic, some experts predict even more dramatic growth, envisioning Bitcoin reaching $1 million with extreme daily price movements during the next bull cycle.
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