A lawsuit filed on January 30 in a New York federal court accuses Pump.fun, a platform for creating memecoins on Solana
The complaint, brought by Diego Aguilar, claims that every token launched on the platform falls under this category. It also alleges that Pump.fun made almost $500 million in fees through its role in issuing and promoting these tokens.
The lawsuit states that Pump.fun, allegedly operated by the UK-based Baton Corporation, used aggressive marketing tactics to create a sense of urgency around new tokens. As a result, many buyers suffered losses when these tokens lost value.
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Aguilar claims he personally bought some of these tokens, but his legal action targets all memecoins released on the platform, which he refers to as “unregistered security memecoins”.
The complaint also names three individuals—Dylan Kerler, Alon Cohen, and Noah Bernhard Hugo Tweedale—as officers of Baton Corporation.
According to the filing, Pump.fun worked with influencers to promote these tokens while controlling their infrastructure, pricing, and liquidity. It describes this approach as a modern take on pump-and-dump schemes, where token prices are artificially inflated before crashing.
The lawsuit argues that Pump.fun was not just a platform but an issuer and seller of these tokens, meaning it should have followed securities regulations. It seeks to reverse all token purchases, compensate affected investors for their losses, and cover legal costs.
Meanwhile, a US law firm called Burwick Law recently announced its plan to file a lawsuit against Pump.fun. What allegations did the firm make? Read the full story.
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