Amended class action calls Pump.fun a ‘slot machine cabinet’ in $5.5B case
An amended lawsuit accused Pump.fun and key Solana partners of operating an unlicensed digital casino that funneled billions through deceptive memecoin schemes.
An amended class-action complaint filed in the Southern District of New York alleged that memecoin platform Pump.fun operated as a “front-facing slot machine cabinet” in extracting more than $5.5 billion from users through deceptive digital asset schemes.
The lawsuit, filed on Wednesday, named Pump.fun’s operators, including pseudonymous developer Bernie, parent company Baton Corp., and infrastructure partners including Solana Labs, the Solana Foundation, Jito Labs and the Jito Foundation as defendants.
The case accused them of engaging in a coordinated enterprise functionally similar to an “unlicensed casino,” relying on volatility and hype rather than disclosures or investor safeguards.