The meme coin platform pump.fun has decided to postpone the date of its token sale, originally scheduled for June 25, 2025, to mid-July. The reasons for this decision include increased legal pressure and the temporary suspension of accounts on the social network X, which has caused concern among investors.
This is reported by Business • Media
Legal Claims and Class Action
The main threat to pump.fun comes from a class action lawsuit filed by the law firm Burwick Law. The plaintiffs accuse the platform of price manipulation, violations of securities laws, and intellectual property rights. They characterized the project as “an evolution of the MLM scheme” and stated the need to protect the interests of retail traders. Burwick Law has already gathered hundreds of claims from affected individuals, and a separate aspect of the lawsuit concerns the use of well-known logos by the meme coins of pump.fun, which could lead to further lawsuits from rights holders.
“Lawyers accuse pump.fun of violating securities laws and manipulating prices, calling the project ‘an evolution of the MLM scheme.’ Representatives of the firm state that they aim to ‘protect retail traders from unfair practices’ and have already collected hundreds of claims from affected individuals.”
Community Reaction and Other Challenges
Additional pressure on the platform intensified with the temporary suspension of pump.fun’s accounts and its co-founder Alon Cohen on the social network X on June 16. After a brief period of unavailability, the profiles were restored, which, according to platform representatives, was due to a “technical content review.” However, concerns among investors have grown regarding the possibility of similar incidents recurring.
Despite the challenges, demand for the token sale remains high. Initially, the platform planned to raise up to $1 billion at a fully diluted valuation of $4 billion. However, the final details of the sale have yet to be determined.
It is worth noting that it was previously established that most of the top wallets on pump.fun belong to bots, which also raises questions about the transparency of the platform’s operations.