Pump.fun, one of the most successful crypto projects of last year, is facing a class action lawsuit for alleged violations of securities law.

The lawsuit specifically names the sale of popular meme coin Peanut the Squirrel (PNUT) as unlawful. While the sole plaintiff is claiming to have lost just $231, they are bringing the claim on behalf of a much larger group.

Filed on Thursday in the Southern District of New York, the lawsuit claims that Pump.fun has been offering and selling an unregistered security as the result of negligence or strict liability. It doesn’t claim the project’s founders have committed fraud or intentional or reckless conduct, but still seeks to hold them accountable.

The filing demands a trial by jury in New York.

“Our complaint alleges that Pump.fun markets itself as promoting financial freedom and censorship-resistance,” Burwick Law, the firm that filed the lawsuit, Go to Source to See Full Article
Author: Ryan Gladwin