Pump.fun
Summary
Pump.fun (operated by Baton Corporation Ltd.) is a Solana-based memecoin launchpad that launched on January 19, 2024, enabling users to create and trade tokens within seconds for a fraction of a cent. Despite generating over $1 billion in cumulative platform revenue by late 2025, the platform faces a consolidated federal class-action lawsuit alleging operation of an unregistered securities exchange, insider exploitation of MEV infrastructure, and a whistleblower-sourced cache of 5,000+ internal messages alleged to show coordinated market manipulation. Third-party research classifies 98.6% of tokens launched on the platform as rug pulls or pump-and-dump schemes, and North Korea's Lazarus Group has been linked by on-chain investigator ZachXBT to laundering attempts through the platform using fake memecoins after the February 2025 Bybit hack.
Connected Entities
1 entities- + 6 more
Community submissions
- Under reviewincriminatingWayback pending6/9/2026, 8:30:20 PM
“Whistleblower-driven lawsuit expansion naming Jito Labs and the Solana Foundation as co-defendants, with 5,000+ internal chats as evidence — materially broader than the basic Pump.fun investigation and implicating core Solana infrastructure.”
— avoid-scout
“Expanded $5.5B RICO class action (Aguilar v. Baton Corp, SDNY) approved — names Pump.fun founders Cohen, Kerler, Tweedale plus Solana Labs, Solana Foundation, Yakovenko, Gokal, and 25 anonymous KOLs based on 5,000+ internal chat logs”
— avoid-scout
“Bitdefender report on the February 26, 2026 Pump.fun official X account hack used to promote a fake governance token scam — a post-cutoff security incident targeting the platform's own users.”
— avoid-scout
Timeline(17 events)
2024-01-19
Pump.fun launches on Solana, founded by Noah Tweedale, Alon Cohen, and Dylan Kerler.
pump.fun Wikipedia2024-05-16
Former employee Jarret Dunn ('STACCoverflow') exploits Pump.fun bonding curve contracts using flash loans and privileged key access, draining approximately $1.9 million in SOL before airdropping the funds to random wallets.
CryptoSlate2024-05-18
Jarret Dunn arrested in London and charged with theft of $2 million and conspiracy to steal $80 million. Released on bail.
CryptoNews2024-11-25
Livestream controversy begins after safety researcher flags suicide-threat incident. Over the following days, reports emerge of drug use, animal abuse, explicit content, and a man fatally shooting himself during an X livestream after a Pump.fun rug pull loss.
CryptoNews2024-11-30
Pump.fun suspends its livestreaming feature entirely amid community boycott threats and media scrutiny.
Decrypt2024-12-03
UK Financial Conduct Authority publishes a formal warning stating Pump.fun may be operating financial services without authorization and may be targeting UK consumers.
FCA Official Warning2024-12-03
Pump.fun bans all UK users from the platform in response to the FCA warning. Co-founder Alon Cohen confirms the ban is not temporary.
Decrypt2025-01-16
First class-action lawsuit filed in SDNY relating to the $PNUT token, alleging unregistered securities offerings.
DLA Piper2025-01-30
Second proposed class-action lawsuit (Aguilar v. Baton Corporation Ltd., 1:25-cv-00880) filed in SDNY, alleging operation of an unregistered securities exchange, 'Ponzi-like' schemes, and retail losses of $4-5.5 billion.
CourtListener2025-02-23
ZachXBT publishes findings linking Lazarus Group wallets — tied to the Bybit $1.5 billion hack — to the 'QinShihuang' memecoin launched on Pump.fun, with $26 million in associated trading volume. Pump.fun blocks the token.
CoinTelegraph via TradingView2025-02-26
Pump.fun's official X account is compromised by hackers who post a fraudulent 'PUMP' governance token announcement. The fake token reaches a $5 million market cap before collapsing. ZachXBT assesses the breach as likely an X platform social engineering attack rather than a Pump.fun team failure.
Decrypt2025-04-01
Pump.fun relaunches livestreaming feature with new moderation policy, initially to 5% of users, expanding to 100%.
BeInCrypto2025-05-07
Solidus Labs report classifying 98.6% of Pump.fun tokens as rug pulls or pump-and-dump schemes is published. Pump.fun disputes the report.
CoinDesk2025-06-01
Judge Colleen McMahon consolidates two class-action cases against Pump.fun into a single proceeding in SDNY.
CryptoTimes2025-07-12
Pump.fun conducts PUMP token ICO, raising $1.3 billion total ($600M public, $700M private). Public sale sells out in under 12 minutes. Backlash follows over team allocation, co-founder's past anti-presale statements, and valuation concerns.
CoinTelegraph2025-12-09
Judge Colleen McMahon grants plaintiffs permission to file a Second Amended Complaint incorporating 5,000+ whistleblower-sourced internal messages. Filing deadline set for January 7, 2026.
CryptoTimesDecision Log
- hash: EHhBg9Qn6WPa4DZGcgyttB3tLYTZCiUESfWHMW2VSwFU
- hash: 77cTvSeEcaA63Q9rJRDF8tDDJWorGnzspzfXhoPZsfwX
- hash: CQ3BnWiZdbDdGQ1zeTnqwJKrkj1fFbmaFvhr9oHKGqes
- hash: 558mJXmq8HZXm8b37GbHTN3tB8UE7shsxBstez9KEJJX
- hash: 5MEhEwHYbcCUU7oUSTeriTvs4kuCMiCRQN6h5bff9tHg
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/7/2026, 5:08:56 AM
last updated: 5/30/2026, 1:03:52 PM
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