Pump.fun / Solana Memecoin Launchpad Ecosystem Fraud
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
anchored·2WPESR…u1pMSummary
Pump.fun is a Solana-based memecoin launchpad operated by Baton Corporation Limited that launched in January 2024 and rapidly became the dominant token creation platform on Solana, generating over $1 billion in fees by April 2025. The platform is the subject of multiple federal class action lawsuits alleging it facilitated unregistered securities sales, insider front-running via MEV infrastructure, and systemic pump-and-dump fraud affecting retail traders. Third-party analysis of over 7 million tokens launched on the platform between January 2024 and March 2025 found that 98.6% exhibited fraudulent characteristics including pump-and-dump patterns and rug pulls.
Connected Entities
4 entities · 15 linked investigations- Baton Corporation Ltd (Pump.fun)→mentioned with→Baton Corporation (Pump.fun)(80%)
- Baton Corporation (Pump.fun)→mentioned with→Jito Labs(80%)
- Baton Corporation Ltd (Pump.fun)→mentioned with→Jito Labs(80%)
- Baton Corporation (Pump.fun)→mentioned with→Baton Corporation Ltd (Pump.fun)(80%)
- Jito Labs→mentioned with→Baton Corporation Ltd (Pump.fun)(80%)
- Jito Labs→mentioned with→Baton Corporation (Pump.fun)(80%)
- Pump.fun / Solana Memecoin Launchpad Ecosystem Fraud→mentioned with→Jito Labs(80%)
- Pump.fun / Solana Memecoin Launchpad Ecosystem Fraud→mentioned with→Baton Corporation Ltd (Pump.fun)(80%)
- Pump.fun / Solana Memecoin Launchpad Ecosystem Fraud→mentioned with→Baton Corporation (Pump.fun)(80%)
Connected Through
3 shared actors · 15 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Jito Labsorganizationalso inSolana Token-2022 Permanent Delegate Rug Pull Factory·0Pump.fun·0Solana MEV Sandwich Bots·0Rug Republic — Coordinated Pump.fun / Solana Bundle-Rug Cluster·0pump.fun·8Baton Corporation Ltd (Pump.fun)·12Pump.fun / Solana Labs RICO Class Action·17Baton Corporation (Pump.fun)·18Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)·20BonkBot·49Algorand·52Fuse Wallet·54Jito Labs·62Asymmetric Research·77
- □Baton Corporation Ltd (Pump.fun)organization
- □Baton Corporation (Pump.fun)organization
Timeline(17 events)
19 October 2017
EthereumCash token, allegedly created by Dylan Kerler (later Pump.fun co-founder), collapses 87.9% over two days following alleged creator sell-off on EtherDelta. Alleged rug pull extracted approximately $75,000 from investors.
Protos / WIRED investigation19 January 2024
Pump.fun launches on Solana, operated by Baton Corporation Limited, founded by Noah Tweedale, Alon Cohen, and Dylan Kerler.
DEXTools / CoinDesk25 November 2024
Pump.fun's livestream feature suspended indefinitely following documented incidents of users threatening self-harm, animal abuse, and threats of violence tied to token price performance.
CryptoBriefing3 December 2024
UK Financial Conduct Authority publishes formal warning that Pump.fun may be providing unauthorized financial services in the United Kingdom.
FCA6 December 2024
Pump.fun blocks all UK users from accessing the platform following the FCA warning.
CoinDesk18 January 2025
Official Trump (TRUMP) memecoin launches on Solana, reaching a peak market capitalization of $8.7 billion before collapsing over 90%.
Decrypt19 January 2025
MELANIA token launches on Solana, peaking above $13 before falling over 96% to approximately $0.51.
Decrypt30 January 2025
Federal class action lawsuit (Aguilar v. Baton Corporation Ltd., 1:25-cv-00880) filed in SDNY against Pump.fun and its three founders, alleging unregistered securities sales and a pump-and-dump scheme generating nearly $500 million in fees.
CoinDesk24 April 2025
WIRED publishes investigation linking Pump.fun co-founder Dylan Kerler to 2017 ICO rug pulls including EthereumCash and eBitcoinCash.
Protos summary of WIRED investigation7 May 2025
Solidus Labs publishes report finding 98.6% of Pump.fun tokens and 93% of Raydium liquidity pools exhibit fraudulent characteristics. Pump.fun contests the findings.
CoinDesk26 June 2025
Judge McMahon merges the two separately filed Pump.fun class action cases into one consolidated action.
DLA Piper22 July 2025
Consolidated Amended Class Action Complaint filed against Pump.fun, Solana Labs, Solana Foundation, Jito Labs, and Jito Foundation, alleging RICO violations and losses of $4–$5.5 billion to retail traders.
Hodder Law / Yahoo FinanceOctober 2025
Jito Labs obtains dismissal of class action claims against it, represented by Skadden Arps.
Skadden9 December 2025
Judge Colleen McMahon grants plaintiffs leave to amend their complaint, incorporating approximately 5,000 internal chat messages provided by a whistleblower, and denies motions to dismiss. The case against Pump.fun, Solana Labs, and Solana Foundation proceeds.
Unchained Crypto29 April 2026
Pump.fun announces revised tokenomics, burning 36% of PUMP supply and committing 50% of ongoing revenue to token buybacks, citing failure of prior all-revenue-burn policy to support price.
CoinDesk4 June 2026
Pump.fun launches GO bounty platform with 'Pay ANYONE to do ANYTHING' slogan. Within hours, listings including a reported $690,000 suicide-linked bounty draw widespread condemnation. Pump.fun issues no public statement.
CryptoBriefing / The DefiantDecision Log
- hash: CYb89PPRMvNyqeeZWZbHbMMrJy8PftwtfeQWc7QGpDuK
- hash: 9Z26gioUtM2vuk8S9UXvDuvZWuZ4tjaoXDhWSXKF7J49
- hash: 4ZRjCBmHkPi4ugGjvrUSeaSHT87hVRiSet7kwPg84SEY
This investigation is cryptographically anchored to the Solana blockchain (3 events). 23 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/19/2026, 5:27:50 PM
last updated: 8/10/2026, 6:05:15 PM
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