Solana-based meme coin creation platform Pump.fun has been hit with a proposed class-action lawsuit accusing it of violating U.S. securities laws.
The suit, filed on January 30, alleges that every token created through Pump.fun constitutes an unregistered security, from which the platform has profited nearly $500 million in fees.
Alleged Securities Violations and Investor Losses
The lead plaintiff, Diego Aguilar, claims to have suffered financial losses trading three specific Pump.fun-created meme coins, FWOG, FRED, and GRIFFAIN.
According to the filing, these tokens were aggressively marketed using meme culture and promises of exponential returns, enticing investors but ultimately leading to significant financial losses. FWOG, for instance, was promoted as having reached a $500 million market cap before its value dropped.
“Pump.Fun’s core function is to work alongside influencers to co-issue and market unregistered securities. Inherent to its operations is a novel evolution in Pon
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