Well, it’s happened again. Pump.fun, the Solana-based memecoin launchpad, has postponed its token auction. I know, I know – it’s getting old. The thing is, they’re not just having a minor scheduling conflict; they’re facing a whole host of problems, including a social media ban and some rather pesky legal troubles.
It all started when they announced plans to raise a cool $1 billion at a $4 billion valuation. Sounds like a lot of money, right? But then, on Friday, reports emerged that the whole thing was being put on hold. Again. I mean, I’ve seen high school proms that were better organized than this.
According to Colin Wu, a crypto news reporter, the team is now expecting the auction to take place in mid-July. Because, you know, planning for the token launch began in 2024, and they’ve only had to postpone it a few (dozen) times. No big deal. The team didn’t clarify why the latest suspension occurred, but I’m guessing it has something to do with the mounting legal troubles they’re facing in several jurisdictions.
It turns out that Pump.fun is facing a class action lawsuit, courtesy of Burwick Law. The lawsuit claims that the platform artificially inflated token prices for its own benefit, resulting in significant investor losses. Max Burwick, the founder of the law firm, described the project as “the ultimate evolution of multi-level marketing scams,” which is just a nice way of saying “a big ol’ pyramid scheme.”
But wait, there’s more! In February, Burwick Law and Wolf Popper LLP issued a cease and desist letter over alleged IP violations. It seems that user-generated memecoins on Pump.fun frequently use logos and names that may infringe on the intellectual property of private individuals or corporations. Who knew that making funny coins could be so complicated?
The whole situation has put the community on high alert. On June 16, X suspended the accounts of both Pump.fun and its founder, before reinstating them a few days later. Because, you know, a few days of social media silence is basically an eternity. Neither X nor Pump.fun provided an explanation, but I’m guessing it had something to do with the ongoing legal troubles. Or maybe they just needed a break from all the drama.
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2025-06-20 18:02