The same lawyers handling a lawsuit over the infamous Hawk Tuah crypto coin are bringing a new class action against memecoin platform Pump.Fun for allegedly putting investors in high financial risk.
A crypto investor has brought a class action lawsuit against Pump.Fun, a platform for launching and investing in meme-inspired cryptocurrencies, after suffering trading losses. Representing the plaintiffs are Wolf Popper and Burwick Law, the two firms handling a separate class action brought by investors in December over a memecoin launched by web personality Haliey Welch, better known as the Hawk Tuah girl, which collapsed in value soon after trading began.
However, the lawsuit brought by the crypto investor—which follows reports of unethical trading activity, criticism relating to content moderation, and a warning issued against Pump.Fun by the UK financial regulator—could threaten to put a dampener on the runaway growth. The lawsuit hinges on the idea that memecoins should in some circumstances be classified as securities, a particular type of investment instrument.
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