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But we saved everything 🙂.
Pump.Fun founder denies token launch rumors amid legal chaos and cease-and-desist letters
Pumpfun co-founder Alon has denied rumors of an upcoming token launch and IPO, dismissing reports as “wrong” and urging users to ignore any unofficial news. His statement came after leaked documents surfaced, allegedly detailing plans for a 420 million token issuance, with 210 million allocated for public sale via Dutch auctions.
Despite Alon’s denial, WuBlockchain responded, accusing Pumpfun of misleading the public. The leaked documents outlined a distribution strategy: early investors would receive 22.05% of the supply, while the team would control 25%, both subject to a one-year lockup with gradual monthly unlocking over three years
Further allegations suggested that Pumpfun has generated $572 million in fees, with $386.8 million transferred to Kraken. However, no official confirmation has been provided.
Legal battle over DOGSHIT2 token
Adding to the controversy, U.S. law firms Burwick Law and Wolf Popper LLP issued a cease-and-desist letter against Pumpfun on February 5. They accused the platform of deploying the DOGSHIT2 token, which allegedly impersonated their firms to mislead investors and intimidate plaintiffs in ongoing legal cases.
Burwick Law condemned these actions, vowing to work with authorities to pursue legal action. Meanwhile, speculation over a potential token launch fueled market activity, with Uniswap recording a 300% surge in trading volumes for Pumpfun-related tokens, driving a 15% price increase within an hour.
Read also: Pump.fun faces lawsuits over alleged $500M meme coin fraud
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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