Pump.fun involved in fraud! Burwick Law launches class action lawsuit: victims reach thousands of users

American law firm Burwick Law has taken legal action against Pump.fun, revealing potential fraudulent activities on the memecoin platform and providing an opportunity for affected investors to seek justice. Burwick Law is representing investors who suffered losses on the Meme launch platform Pump.fun on the Solana public chain, initiating a class action lawsuit and urging victims to participate in the investigation for compensation. According to Burwick Law, the firm has filed a lawsuit against Pump.fun, accusing it of possible fraud and manipulation. Victims can fill out a free investigation form on the law firm's official website to provide information to assist in the case investigation. The firm pointed out that this action stems from months of contact with investors who suffered heavy losses from memecoin investments, alleging that the platform's meme coins involved 'rug pull' and unfulfilled promises. The firm also emphasized that over the past few months, Pump.fun has collected hundreds of millions of dollars in fees and allowed illegal drug use, self-harm, racism, anti-Semitism, indecent behavior, animal abuse, violence, and other anti-social behavior on the platform. Pump.fun's controversy: low returns and fraud concerns Pump.fun is a Meme launch platform on the Solana public chain, allowing users to create and issuanceToken without technical knowledge, but its operating model and transparency have been questioned. Data shows that out of the 14 million encryptionWallets that interacted with Pump.fun, only 0.4% made profits exceeding $10,000, and only 0.04% made profits exceeding $100,000. The potential group of victims for Burwick could reach thousands. Adam's X Law firm criticized Pump.fun's anonymous founders and other corrupt individuals and enterprises, believing that they exploit ordinary investors using professional terms and false promises in the cryptocurrency industry, hindering the development space for truly socially valuable projects. Controversy over platform functionality Pump.fun previously offered live streaming, but this feature has been disabled due to creators engaging in risky behavior to promote tokens. In addition, the UK Financial Conduct Authority (FCA) banned UK residents from using Pump.fun in December 2023 to prevent the spread of related fraudulent activities. Other actions and positions of Burwick Law Burwick Law has explicitly stated that it has no relationship with any Token using its name or image, emphasizing its commitment to promoting accountability in the encryption industry. In addition to the Pump.fun case, the firm has filed legal actions against other fraudulent Non-fungible Tokens and Block chain projects, including Moonbirds, Proof Collective Non-fungible Tokens, and Full Send Metacard Non-fungible Tokens. If you lost money on Moonbirds or Proof Collective Non-fungible Tokens, contact our firm to learn about your legal rights. Our firm represents thousands of Non-fungible Token and token investors interested in recovering their losses. This is attorney advertising. - Burwick Law (@BurwickLaw) January 13, 2025 Diverse opinions from the international community on this matter Regarding the controversy surrounding Pump.fun, there are divergent views within the international community. Some believe that with the platform collecting hundreds of millions of dollars in fees, legal action should be taken to seek justice for the victims. Others point out that investment failures should be the responsibility of the investors themselves and that thorough research should be done before investing. In addition, some refer to Pump.fun as a 'scam machine,' accusing the platform team of profiting through rug pull and criticizing this behavior for undermining investor trust. Some victims admit to suffering heavy losses but hold a skeptical attitude towards legal fees and the effectiveness of legal action, believing that litigation may not necessarily solve the problem.