{"investigation":{"slug":"pumpdotfun","entity_name":"pump.fun","trust_score":27,"severity_base":null,"score_modifier":-15,"confidence":0.78,"status":"draft","content_type":"investigation","summary":"pump.fun is a Solana-based token launchpad, operated by UK-registered Baton Corporation Ltd, that lets anyone create a tradable token in seconds via an automated bonding curve and has generated hundreds of millions of dollars in fees since its January 2024 launch. The platform has been the subject of a UK Financial Conduct Authority warning, a suspended and later reinstated livestream feature that hosted graphic and abusive content, a $1.9-2 million insider exploit by a former contractor who was later criminally convicted, and consolidated U.S. federal class-action and RICO litigation alleging pump.fun and infrastructure partners ran a rigged 'casino' extracting billions of dollars from retail traders. None of the core securities or racketeering allegations against pump.fun have been adjudicated; independent research also indicates the overwhelming majority of tokens launched on the platform end as failed or abandoned projects.","sections":[{"content":"pump.fun is a token-creation and trading platform built on the Solana blockchain. Launched on January 19, 2024 by Noah Tweedale, Alon Cohen and Dylan Kerler, it allows any user to mint a new token in a single transaction, without writing code or seeding a traditional liquidity pool, for a nominal cost. Each new token is placed on an automated 'bonding curve': two virtual reserves (SOL and token supply) are held in a constant-product relationship, so that each purchase raises the price incrementally and each sale lowers it, with no separate market maker required. If a token's bonding curve attracts enough buying to reach a market-capitalization threshold that was originally set at approximately $69,000, the token 'graduates' and its liquidity is migrated to a decentralized exchange for open trading. Through March 2025 that destination was Raydium, a major third-party Solana DEX; starting March 20, 2025, pump.fun began routing newly bonded tokens directly to PumpSwap, an automated market maker it launched itself, ending its fee-sharing arrangement with Raydium.","heading":"What pump.fun is and how the bonding-curve mechanism works","sources":[{"url":"https://pump.fun/docs/bonding-curve","name":"pump.fun docs: The Pump.fun bonding curve","type":"official","credibility":1},{"url":"https://en.wikipedia.org/wiki/Pump.fun","name":"Pump.fun (Wikipedia)","type":"research","credibility":2},{"url":"https://www.theblock.co/post/337065/pump-fun-set-single-day-revenue-record-raking-in-15-5-million-in-fees-following-anniversary","name":"Pump.fun set single-day revenue record, raking in $15.5 million in fees following anniversary","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/pump-fun-launches-own-dex-dropping-raydium","name":"Pump.fun launches own DEX, drops Raydium","type":"news_article","credibility":2},{"url":"https://forklog.com/en/pump-fun-launches-its-own-dex-on-solana/","name":"Pump.fun Launches Its Own DEX on Solana","type":"news_article","credibility":2}],"severity":"low"},{"content":"pump.fun grew rapidly into the dominant Solana memecoin launchpad, at times facilitating tens of thousands of new token launches per day and, according to trade press, generating close to $800 million in cumulative transaction-fee revenue by early 2025, built on a roughly 1% fee applied to trades on the bonding curve. Despite this volume, only a small fraction of tokens created on the platform ever reach a functioning secondary market: reporting citing on-chain data has put the share of tokens that 'graduate' to a decentralized exchange at under 2%, with only a few dozen tokens ever exceeding a $10 million market capitalization out of millions launched. Separately, blockchain analytics firm Solidus Labs published a report in May 2025 examining more than seven million pump.fun tokens created between January 2024 and March 2025, concluding that 98.6% displayed patterns consistent with rug pulls or pump-and-dump schemes and that fewer than 100,000 retained even $1,000 in liquidity; pump.fun disputed the framing, with a spokesperson comparing low-value tokens to most tweets, NFTs or trading cards being 'worth little in the long run.' On-chain data compiled via Dune Analytics and reported by Cointelegraph and crypto.news similarly found that a large majority of pump.fun traders have not realized meaningful profit, with well over half of wallets showing net losses and only a small fraction (on the order of 0.05%) ever realizing more than $10,000 in gains.","heading":"Scale, revenue, and outcomes for launched tokens","sources":[{"url":"https://www.forbes.com/sites/boazsobrado/2025/02/22/from-memes-to-500-million-in-revenue-the-pumpfun-phenomenon/","name":"From Memes To $500 Million In Revenue: The Pump.Fun Phenomenon","type":"news_article","credibility":2},{"url":"https://solanacompass.com/news/pumpfun-launched-42000-tokens-in-one-day-fewer-than-2-will-ever-reach-a-dex","name":"Pump.fun 42,000 Token Launches in 24 Hours: The 2% Graduation Rate","type":"research","credibility":2},{"url":"https://www.coindesk.com/business/2025/05/07/98-of-tokens-on-pump-fun-have-been-rug-pulls-or-an-act-of-fraud-new-report-says","name":"98% of Tokens on Pump.fun Have Been Rug Pulls or an Act of Fraud, New Report Says","type":"news_article","credibility":2},{"url":"https://www.soliduslabs.com/reports/solana-rug-pulls-pump-dumps-crypto-compliance","name":"Solana Rug Pulls & Pump-and-Dumps: What Crypto Institutions Must Know","type":"research","credibility":2},{"url":"https://cointelegraph.com/news/pump-fun-crypto-traders-majority-do-not-realize-profits-dune-data","name":"99.6% of Pump.fun traders haven't locked in over $10K in profits: Data","type":"news_article","credibility":2},{"url":"https://crypto.news/over-60-pump-fun-traders-saw-losses-less-than-0-01-made-over-1m/","name":"Over 60% pump.fun traders saw losses, less than 0.01% made over $1m","type":"news_article","credibility":2}],"severity":"high"},{"content":"In 2024 pump.fun added a livestreaming feature that let token creators broadcast video linked to their token's live price action, which streamers used to try to drive attention and buying. According to contemporaneous reporting, the feature was abused for increasingly extreme stunts intended to pump token valuations, including simulated self-harm and suicide threats, threats of violence including brandished weapons, animal abuse, and, according to multiple outlets, sexually exploitative content involving a minor. pump.fun stated that daily livestreams had surged more than 100-fold within a week and that its moderation team, despite being doubled and supplemented with automated tools, could not keep pace. The company suspended livestreaming indefinitely in a community notice in late November 2024, stating it was 'pausing the live streaming functionality on the site for an indefinite time period until the moderation infrastructure is ready to deal with the heightened levels of activity.' The feature was reinstated in April 2025 to an initial 5% of users under a revised moderation policy that explicitly prohibits violence, harassment, sexual content and content endangering minors, while stating the company does not intend to universally adjudicate what content is 'appropriate.'","heading":"Livestream feature: abuse and moderation failure (2024-2025)","sources":[{"url":"https://www.blockhead.co/2024/11/26/pump-fun-suspends-livestreams-indefinitely-amid-escalating-content-concerns/","name":"Pump.fun Suspends Livestreams Indefinitely Amid Escalating Content Concerns","type":"news_article","credibility":2},{"url":"https://cryptobriefing.com/pump-fun-livestream-halt/","name":"Pump.fun halts livestreams indefinitely after community backlash","type":"news_article","credibility":2},{"url":"https://www.ccn.com/news/crypto/pump-fun-pulls-live-streaming-platform-spirals-chaos/","name":"Pump.fun Pulls Live Streaming Feature as Platform Spirals Into Chaos","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/349647/memecoin-launchpad-pump-fun-reopens-livestreaming-to-5-of-users-with-stricter-moderation-rules","name":"Memecoin launchpad Pump.fun reopens livestreaming to 5% of users with stricter moderation rules","type":"news_article","credibility":2},{"url":"https://intercom.help/pumpfun-web/en/articles/11399886-livestream-moderation-policy","name":"Livestream Moderation Policy","type":"official","credibility":1}],"severity":"critical"},{"content":"pump.fun's operator, UK-registered Baton Corporation Ltd, and its named co-founders Alon Cohen, Dylan Kerler and Noah Tweedale are defendants in consolidated putative class-action litigation in the U.S. District Court for the Southern District of New York (lead case Aguilar v. Baton Corporation Ltd, No. 1:25-cv-00880). A securities-focused complaint filed by plaintiff Diego Aguilar on January 30, 2025 alleges pump.fun operated an unregistered securities exchange, providing standardized tools that plaintiffs say produced token offerings meeting the Howey test, and that the platform collected roughly $500 million in fees from these launches; it names specific tokens (including FRED, FWOG and GRIFFAIN) as examples. This built on an earlier, separately filed 2024 suit alleging pump.fun ran an unlicensed 'meme coin casino,' and the litigation has since been amended into a RICO racketeering claim alleging a coordinated 'Pump Enterprise' involving pump.fun, Solana Labs, the Solana Foundation, Jito Labs and named executives, seeking treble damages on alleged retail losses that plaintiffs put at between $4 billion and $5.5 billion against alleged platform-side revenue exceeding $722 million. In December 2025 a whistleblower supplied plaintiffs with several thousand internal chat messages that plaintiffs say show insiders received priority access to new token launches; on December 11, 2025 the presiding judge granted plaintiffs leave to file a further amended complaint incorporating this material, with a filing deadline of January 7, 2026. As of this writing the litigation remains pending: none of the securities, RICO, or 'insider-rigged' allegations have been adjudicated or admitted, and Baton Corporation and its co-defendants have disputed the claims. Separately, in February 2025 the U.S. Securities and Exchange Commission's Division of Corporation Finance issued a staff statement taking the position that meme coins generally are not securities because they typically lack profit-sharing rights or an underlying business, a position that bears on but does not resolve the pending securities claims and that one SEC commissioner publicly criticized as legally unsupported.","heading":"U.S. class-action and RICO litigation (pending)","sources":[{"url":"https://decrypt.co/303790/pump-fun-faces-class-action-lawsuit-over-alleged-500m-unregistered-securities-sales","name":"Pump.fun Faces Class Action Lawsuit Over Alleged Unregistered Securities Sales","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/pump-fun-sued-claims-all-memecoins-securities","name":"Pump.fun hit with suit claiming all memecoins are securities","type":"news_article","credibility":2},{"url":"https://cryptonews.com/news/pump-fun-accused-of-running-unlicensed-casino-in-5-5b-class-action-lawsuit/","name":"Pump.fun Faces $5.5B Class Action Alleging Unlicensed Casino","type":"news_article","credibility":2},{"url":"https://www.burwick.law/active-cases/pump-fun-and-solana-rico-lawsuit-aguilar-v-baton-corporation","name":"Pump.fun and Solana RICO Lawsuit: Aguilar v. Baton Corporation","type":"court_filing","credibility":1},{"url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/","name":"Solana, Pump.fun execs sued. Lawsuit claims 5,000 private messages prove 'insider-rigged casino'","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/mev-trading-returns-court-pump-fun-class-action-lawsuit","name":"MEV trading returns to court in Pump.fun class-action lawsuit","type":"news_article","credibility":2},{"url":"https://www.fintechanddigitalassets.com/2025/03/sec-staff-clarifies-that-meme-coins-are-not-securities/","name":"SEC Staff Clarifies That Meme Coins Are Not Securities","type":"regulatory","credibility":2},{"url":"https://www.ledgerinsights.com/sec-meme-coins-are-not-securities-musk-theyre-like-a-casino/","name":"SEC: meme coins are not securities. Musk: they're like a casino","type":"news_article","credibility":2}],"severity":"critical"},{"content":"On December 3, 2024, the UK Financial Conduct Authority published a consumer warning stating that pump.fun 'may be providing or promoting financial services or products without our permission' and 'may be targeting people in the UK,' advising consumers to avoid dealing with the firm and noting that users would have no recourse to the Financial Ombudsman Service or the Financial Services Compensation Scheme. pump.fun subsequently updated its terms of service to geographically block access for UK-based users, a self-imposed restriction rather than a UK enforcement order. The warning reflects the FCA's general position that firms must be authorized to promote financial products to UK residents; it is not itself a finding of fraud or misconduct.","heading":"UK Financial Conduct Authority warning and access block","sources":[{"url":"https://www.fca.org.uk/news/warnings/pumpfun","name":"Pump.fun (Warning)","type":"regulatory","credibility":1},{"url":"https://www.theblock.co/post/329804/uk-top-financial-regulator-says-pump-fun-doesnt-have-its-permission-to-do-business-in-the-country","name":"UK top financial regulator says Pump.fun doesn't have its permission to do business in the country","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/pump-fun-updates-terms-to-block-uk-users-days-after-fca-warning/","name":"Pump Fun updates terms to block UK users days after FCA warning","type":"news_article","credibility":2},{"url":"https://forklog.com/en/access-to-pump-fun-blocked-for-uk-users/","name":"Access to Pump.fun Blocked for UK Users","type":"news_article","credibility":2}],"severity":"high"},{"content":"Beyond individual rug pulls, on-chain researchers have documented systematic patterns in which token deployers on pump.fun fund or coordinate with 'sniper' wallets that buy a newly launched token in the same block it is created, before public traders can react, and exit with consistent, high-probability profits. One analysis reviewed roughly a month of activity and identified thousands of sniper wallets linked to thousands of deployers extracting tens of thousands of SOL in realized profit, with reported success rates on individual snipes above 85%; separate analysis of millions of token-creation events identified a small number of wallet clusters responsible for a disproportionate share of detected rug pulls. These patterns are consistent with, but distinct from, the 'insider-rigged' allegations made in the pending U.S. litigation, and describe behavior by users and third-party bot operators on the platform rather than conduct directly attributed to pump.fun's operator in any adjudicated proceeding.","heading":"Insider sniping and coordinated deployer-sniper networks","sources":[{"url":"https://pineanalytics.substack.com/p/exit-liquidity-machines","name":"Exit Liquidity Machines","type":"research","credibility":2},{"url":"https://www.coindesk.com/business/2025/05/07/98-of-tokens-on-pump-fun-have-been-rug-pulls-or-an-act-of-fraud-new-report-says","name":"98% of Tokens on Pump.fun Have Been Rug Pulls or an Act of Fraud, New Report Says","type":"news_article","credibility":2}],"severity":"high"},{"content":"On May 16, 2024, pump.fun's bonding-curve contracts were exploited for roughly 12,300 SOL, worth approximately $1.9-2 million at the time, in an attack pump.fun's own post-mortem attributed to a former short-term contractor who had abused administrative 'withdraw authority' privileges, reportedly combined with flash loans to drain multiple bonding curves before their tokens fully graduated. The individual, identified online as 'STACCoverflow' and subsequently named as Jarett Dunn, publicly claimed responsibility and began redistributing the stolen funds to unrelated wallets, which he characterized as an attempt to expose platform weaknesses; pump.fun stated affected users would be made whole. British authorities arrested Dunn in London within roughly two days of the exploit. He was ultimately tried in the UK, where a court rejected his 'whistleblower' framing and, on the basis that redistributing the funds still constituted transfer of criminal property, convicted him; in December 2025 Wood Green Crown Court sentenced Dunn to two concurrent six-year prison terms.","heading":"May 2024 insider exploit and criminal prosecution of Jarett Dunn","sources":[{"url":"https://www.theblock.co/amp/post/295029/pump-fun-post-mortem","name":"Pump.fun identifies $1.9 million exploiter as former employee in post mortem","type":"news_article","credibility":2},{"url":"https://www.thecoinrepublic.com/2024/05/17/pump-fun-tempeted-by-ex-employee-loss-1-9m-are-user-funds-safe/","name":"Pump.fun Tempeted By Ex-Employee, Loss $1.9M; Are User Funds Safe?","type":"news_article","credibility":2},{"url":"https://crypto.news/pump-fun-exploiter-arrested-allegations-stole-2m/","name":"Pump.fun exploiter arrested: 'team alleges I stole $2m'","type":"news_article","credibility":2},{"url":"https://blockworks.co/news/pump-dot-fun-exploiter-arrest-london","name":"Pump dot Fun exploiter identified and arrested in London","type":"news_article","credibility":2},{"url":"https://decrypt.co/352876/former-pump-fun-dev-sentenced-six-years-prison-2-million-solana-fraud","name":"Former Pump.fun Dev Sentenced to Six Years in Prison for $2 Million Solana Fraud","type":"news_article","credibility":2},{"url":"https://news.shib.io/2025/12/19/pump-fun-ex-dev-jarett-dunn-gets-six-years-for-2m-theft/","name":"Pump.fun Ex-Dev Jarett Dunn Gets Six Years for $2M Theft","type":"news_article","credibility":2}],"severity":"medium"},{"content":"pump.fun conducted a public sale of its native PUMP governance/utility token beginning July 12, 2025, offering roughly 150 billion tokens (15% of a 1 trillion total supply) at a fixed price of $0.004 each; reporting indicates the public tranche of about $600 million sold out within minutes, as part of a combined public-and-private raise reported at around $1.3 billion. Within months, PUMP traded below its ICO price: reporting in November 2025 linked a roughly 20-32% price decline to private-sale investors transferring over $160 million worth of tokens to centralized exchanges, and separate reporting noted the company itself converted a large tranche (reported at $465.5 million) of treasury PUMP to USDC as the price fell. These are the platform's own tokenomics and treasury decisions rather than allegations from a third party, but they illustrate concentrated early-holder selling pressure on a token marketed to retail buyers during a period of active related litigation.","heading":"PUMP token sale and post-launch performance","sources":[{"url":"https://www.cryptoninjas.net/news/1-32b-token-sale-goes-live-pump-ico-ignites-frenzy-across-major-crypto-exchanges/","name":"$1.32B Token Sale Goes Live: $PUMP ICO Ignites Frenzy Across Major Crypto Exchanges","type":"news_article","credibility":2},{"url":"https://unchainedcrypto.com/pump-drops-below-ico-price-as-private-sale-investors-send-160-million-to-exchanges/","name":"PUMP Drops Below ICO Price as Private Sale Investors Send $160 Million to Exchanges","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/pump-fun-ico-participants-dump-token-price-drops-20-percent","name":"60% of PUMP presale participants sold or transferred to CEXs","type":"news_article","credibility":2},{"url":"https://en.wikipedia.org/wiki/Pump.fun","name":"Pump.fun (Wikipedia)","type":"research","credibility":2}],"severity":"medium"},{"content":"pump.fun operates in a competitive field of Solana memecoin launchpads. Since mid-2025 it has faced a serious challenger in LetsBonk.fun, which has at various points captured a plurality or majority of new launches and graduated tokens, alongside smaller competitors such as Believe and BAGS; reported market-share figures have fluctuated sharply month to month, with pump.fun losing outright dominance at several points in 2025-2026 amid what trade press described as 'exit scam rumors' surrounding the platform. This competitive pressure has coincided with pump.fun's own revenue declining from earlier peaks and with product changes such as the March 2025 PumpSwap launch and the mid-2025 'BOOST' incentive changes, which some reporting linked to sharp but temporary increases in graduation rates. Market-share volatility in this sector reflects the low switching costs and largely undifferentiated mechanics across competing bonding-curve launchpads, rather than a specific finding about any single platform's conduct.","heading":"Competitive landscape","sources":[{"url":"https://www.tradingview.com/news/newsbtc:a7cd65fae094b:0-solana-s-pump-fun-loses-steam-with-exit-scam-rumors-letsbonk-fun-claims-54-of-total-market-share/","name":"Solana's Pump.Fun Loses Steam With Exit Scam Rumors, LetsBonk.Fun Claims 54% Of Total Market Share","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/366395/pump-fun-fends-off-letsbonk-in-battle-for-top-solana-memecoin-launchpad","name":"Pump.fun fends off LetsBonk in battle for top Solana memecoin launchpad","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/409815/pump-fun-token-graduation-rate-jumps-boost-changes-launch-incentives","name":"Pump.fun token graduation rate jumps after BOOST changes launch incentives","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/pump-fun-graduating-tokens-break-to-1-15-of-new-launches/","name":"Pump.fun graduating tokens break to 1.15% of new launches","type":"news_article","credibility":2}],"severity":"low"}],"timeline":[{"date":"2024-01-19","event":"pump.fun launches on Solana, founded by Noah Tweedale, Alon Cohen and Dylan Kerler.","source":"The Block","source_url":"https://www.theblock.co/post/337065/pump-fun-set-single-day-revenue-record-raking-in-15-5-million-in-fees-following-anniversary","date_evidence":"Pump.fun launched just over one year ago on January 19, 2024, yet in its short history, the platform has managed to usher in a new era of memecoins"},{"date":"2024-05-16","event":"pump.fun's bonding-curve contracts are exploited for roughly 12,300 SOL (about $1.9-2 million) by a former contractor abusing administrative privileges.","source":"The Coin Republic","source_url":"https://www.thecoinrepublic.com/2024/05/17/pump-fun-tempeted-by-ex-employee-loss-1-9m-are-user-funds-safe/","date_evidence":"occurred between 3:21 pm and 5:00 pm UTC on May 16"},{"date":"2024-05","event":"British authorities arrest Jarett Dunn ('STACCoverflow') in London in connection with the exploit.","source":"crypto.news","source_url":"https://crypto.news/pump-fun-exploiter-arrested-allegations-stole-2m/"},{"date":"2024-11","event":"pump.fun suspends its livestreaming feature indefinitely following reports of graphic self-harm threats, violence, animal abuse and content endangering minors broadcast to pump token prices.","source":"Blockhead","source_url":"https://www.blockhead.co/2024/11/26/pump-fun-suspends-livestreams-indefinitely-amid-escalating-content-concerns/"},{"date":"2024-12","event":"The UK Financial Conduct Authority issues a public consumer warning about pump.fun.","source":"The Block","source_url":"https://www.theblock.co/post/329804/uk-top-financial-regulator-says-pump-fun-doesnt-have-its-permission-to-do-business-in-the-country","date_evidence":"In a warning published on Dec. 3, the UK's Financial Conduct Authority said Pump.fun is not authorized by them and 'may be targeting people in the UK.'","date_original":"2024-12-03"},{"date":"2024-12","event":"pump.fun updates its terms of service to block access for UK-based users following the FCA warning.","source":"CryptoSlate","source_url":"https://cryptoslate.com/pump-fun-updates-terms-to-block-uk-users-days-after-fca-warning/"},{"date":"2025-01","event":"Diego Aguilar files a putative class action against Baton Corporation Ltd (pump.fun) and its co-founders in the Southern District of New York alleging unregistered securities sales.","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/pump-fun-sued-claims-all-memecoins-securities","date_evidence":"The suit filed by Diego Aguilar in a New York federal court on Jan. 30 claimed that Pump.fun, allegedly run by the UK-based Baton Corporation, used guerilla marketing to generate artificial urgency","date_original":"2025-01-30"},{"date":"2025-03","event":"pump.fun launches its own automated market maker, PumpSwap, ending automatic migration of graduated tokens to Raydium.","source":"Cointelegraph / Blockhead","source_url":"https://cointelegraph.com/news/pump-fun-launches-own-dex-dropping-raydium","date_evidence":"Starting on March 20, memecoins that successfully bootstrap liquidity, or 'bond,' on Pump.fun will migrate directly to PumpSwap","date_original":"2025-03-20"},{"date":"2025-04","event":"pump.fun reinstates livestreaming for an initial 5% of users under a revised moderation policy prohibiting violence, harassment, sexual content and content endangering minors.","source":"The Block","source_url":"https://www.theblock.co/post/349647/memecoin-launchpad-pump-fun-reopens-livestreaming-to-5-of-users-with-stricter-moderation-rules"},{"date":"2025-05","event":"Solidus Labs publishes research finding 98.6% of pump.fun tokens sampled from Jan 2024-Mar 2025 show rug-pull or pump-and-dump characteristics; pump.fun disputes the characterization.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2025/05/07/98-of-tokens-on-pump-fun-have-been-rug-pulls-or-an-act-of-fraud-new-report-says"},{"date":"2025-07-12","event":"pump.fun's public PUMP token sale opens, raising roughly $600 million in a public tranche within minutes as part of a combined ~$1.3 billion raise.","source":"CryptoNinjas","source_url":"https://www.cryptoninjas.net/news/1-32b-token-sale-goes-live-pump-ico-ignites-frenzy-across-major-crypto-exchanges/","date_evidence":"Today's launch, which took place on July 12, 2025, represents the dawn of a new era of Web3 social interaction and decentralized finance"},{"date":"2025-11","event":"PUMP trades below its ICO price after private-sale investors transfer over $160 million worth of tokens to exchanges.","source":"Unchained","source_url":"https://unchainedcrypto.com/pump-drops-below-ico-price-as-private-sale-investors-send-160-million-to-exchanges/"},{"date":"2025-12","event":"The presiding SDNY judge grants plaintiffs leave to file a further amended complaint in the consolidated pump.fun litigation, incorporating whistleblower chat evidence, with a deadline of January 7 to file.","source":"DL News","source_url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/","date_evidence":"On December 11, the judge approved Okafor's request to file an amended lawsuit that will include new information gleaned from those messages.","date_original":"2025-12-11"},{"date":"2025-12","event":"Wood Green Crown Court in London sentences Jarett Dunn to two concurrent six-year prison terms for the May 2024 pump.fun exploit, rejecting his 'whistleblower' defense.","source":"Decrypt","source_url":"https://decrypt.co/352876/former-pump-fun-dev-sentenced-six-years-prison-2-million-solana-fraud"},{"date":"2026-01","event":"Deadline for plaintiffs to file the further amended complaint in the consolidated pump.fun/Solana/Jito RICO litigation.","source":"DL News","source_url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/","date_evidence":"Okafor and his attorney now have until January 7 to file the amended lawsuit.","date_original":"2026-01-07"}],"sources_used":[{"url":"https://pump.fun/docs/bonding-curve","name":"pump.fun docs: The Pump.fun bonding curve","type":"official","archive_url":"http://web.archive.org/web/20260819223108/https://pump.fun/docs/bonding-curve","credibility":1,"archive_timestamp":"2026-08-19T22:31:08+00:00"},{"url":"https://en.wikipedia.org/wiki/Pump.fun","name":"Pump.fun (Wikipedia)","type":"research","archive_url":"http://web.archive.org/web/20260823224001/https://en.wikipedia.org/wiki/Pump.fun","credibility":2,"archive_timestamp":"2026-08-23T22:40:01+00:00"},{"url":"https://www.theblock.co/post/337065/pump-fun-set-single-day-revenue-record-raking-in-15-5-million-in-fees-following-anniversary","name":"Pump.fun set single-day revenue record, raking in $15.5 million in fees following anniversary","type":"news_article","archive_url":null,"credibility":2,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://cointelegraph.com/news/pump-fun-launches-own-dex-dropping-raydium","name":"Pump.fun launches own DEX, drops 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