Audit log

Every state-changing event for Pump.fun / Solana Memecoin Launchpad Ecosystem Fraud: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-19 17:28:02Z
   Score: ? → ? (no score change)
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   ●mainnet-betaslot 427,551,251

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   2WPESRbKqUPh…ccwLu1pMcopyexplorer ↗

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   4ZRjCBmHkPi4…wPg84SEYcopysha256 → base58

   verifying row…full verify ↗

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   {"actor":"system:backfill","investigation_id":"69a41e0e-28ff-4f90-9582-ffabc9ed8fbc","kind":"publish","page_slug":"pump-fun-solana-memecoin-launchpad-ecosystem-fraud","published_at":"2026-06-19T17:28:02.472Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Pump.fun / Solana Memecoin Launchpad Ecosystem Fraud","sections":[{"content":"Pump.fun is a Solana-based memecoin launchpad operated by Baton Corporation Limited, incorporated in the United Kingdom. The platform launched on January 19, 2024, and allows any user to deploy a new token for a nominal creation fee. Tokens are priced through an automated bonding curve model in which token prices rise as buyers accumulate supply and fall when sellers exit. When a token reaches a market capitalization threshold of approximately $69,000, it 'graduates' from the bonding curve and its liquidity is automatically migrated to Raydium, a Solana-based decentralized exchange. The platform charges a 1% fee on all trades and a 1.5 SOL graduation fee, generating substantial cumulative revenue. By April 2025, total lifetime fees surpassed the equivalent of 1.52 million SOL. The platform's peak single-day revenue reached over $14 million on January 2, 2025. By late 2024, Pump.fun accounted for approximately 62% of all daily transactions on the Solana network. The platform subsequently launched PumpSwap, its own automated market maker, and introduced a creator revenue sharing program allocating 50% of transaction fees to token creators. In April 2026, the company announced a revised tokenomics policy allocating 50% of net revenue from its bonding curve, PumpSwap, and Terminal to ongoing buybacks and burns of the PUMP governance token.","heading":"Platform Overview and Mechanics","severity":"medium","sources":[{"credibility":2,"name":"What Is Pump.fun: Complete Solana Memecoin Launchpad Guide (2026) - DEXTools","type":"news_article","url":"https://www.dextools.io/tutorials/what-is-pump-fun-solana-memecoin-launchpad-2026"},{"credibility":2,"name":"How Does the Token Economic Model of Pump.fun Distribute Rewards and Fees? - Gate Wiki","type":"other","url":"https://www.gate.com/crypto-wiki/article/how-does-the-token-economic-model-of-pump-fun-distribute-rewards-and-fees"},{"credibility":2,"name":"Pump.fun Is Solana First $1B Revenue App - Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/pump-fun-solana-first-1b-130219262.html"},{"credibility":1,"name":"Pump.fun ditches 'use all revenue to burn tokens' policy - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/04/29/pump-fun-burns-36-of-pump-supply-in-usd370-million-wipe-locks-50-revenue-into-ongoing-buybacks"}]},{"content":"Pump.fun was founded by three individuals in their early twenties: Noah Tweedale (CEO), Alon Cohen (COO), and Dylan Kerler (CTO). All three are named defendants in the federal class action lawsuits filed in 2025. Co-founder Dylan Kerler has been the subject of investigative reporting linking him to alleged cryptocurrency scams predating Pump.fun. A WIRED investigation published on April 24, 2025 identified Kerler as allegedly responsible for at least eight cryptocurrency projects launched in 2017 under the ICO era, two of which — EthereumCash and eBitcoinCash — are alleged to have been rug pulls. Blockchain security firm CertiK analyzed the on-chain activity and found patterns consistent with deliberate pump-and-dump schemes. EthereumCash's market capitalization allegedly reached approximately $1.3 million before collapsing 87.9% between October 19 and 21, 2017, following large sell-offs attributed by WIRED to Kerler-linked wallets on the EtherDelta peer-to-peer exchange. WIRED identified at least 20 wallets it associates with a developer using the name Dylan Kerler across platforms including GitHub, YouTube, LinkedIn, and Medium. The alleged 2017 rug pulls are reported to have extracted approximately $75,000 from investors. Kerler has maintained a minimal public profile, known online primarily by the handle @outdoteth. These allegations remain unproven in court and Kerler has not been convicted of any offense.","heading":"Founders and Alleged Prior Misconduct","severity":"high","sources":[{"credibility":2,"name":"Pump.Fun Co-Founder Accused Of ICO Scams In 2017 - Bitcoinist","type":"news_article","url":"https://bitcoinist.com/linked-to-ico-scams-pump-fun-co-founder-accused-of-rug-pulls-in-2017-report/"},{"credibility":2,"name":"Pump.Fun, investigation of one of the founders Dylan Kerler: allegedly linked to EthereumCash and eBitcoinCash rug pulls - Decripto","type":"news_article","url":"https://decripto.org/en/pump-fun-investigation-of-one-of-the-fouder-dylan-kerler-allegedly-linked-to-ethereumcash-and-ebitcoincash-rug-pulls/"},{"credibility":2,"name":"Pump Fun co-founder Dylan Kerler linked to 2017 ICO scams, report - Protos","type":"news_article","url":"https://protos.com/pump-fun-co-founder-dylan-kerler-linked-to-2017-ico-scams-report/"},{"credibility":2,"name":"Unveiling the secrets of Pump.Fun and its mysterious founder - PANews","type":"news_article","url":"https://www.panewslab.com/en/articles/fromg1m8"}]},{"content":"A May 2025 report by blockchain analytics firm Solidus Labs, analyzing over 7 million tokens deployed on Pump.fun between January 2024 and March 2025 (those having at least five trades), found that 98.6% exhibited characteristics of fraudulent activity, including pump-and-dump patterns and rug pulls. Fewer than 97,000 of the 7 million tokens analyzed maintained liquidity above $1,000. The report also examined 388,000 liquidity pools on Raydium — the DEX to which Pump.fun-graduated tokens migrate — finding that approximately 93% (361,000 pools) showed soft rug pull indicators. The median Raydium rug pull involved $2,832, with the largest detected instance reaching $1.9 million. Pump.fun's bonding curve mechanism has been identified as structurally advantageous to token creators and early buyers at the expense of late entrants: as each successive purchase raises the token price along an exponential curve, creators who seed a token early and exit before the bonding curve collapses can extract value from retail buyers who purchase at inflated prices. A separate Merkle Science report published in February 2025 estimated $500 million in losses to Solana rug pulls across 2024. Pump.fun publicly contested the Solidus Labs findings; spokesperson Troy Gravitt stated that 'What Solidus Labs lacks is a basic understanding of memecoins.'","heading":"Systemic Fraud: Token-Level Rug Pulls and Pump-and-Dump Activity","severity":"critical","sources":[{"credibility":2,"name":"Solana Rug Pulls & Pump-and-Dumps: What Crypto Institutions Must Know - Solidus Labs","type":"research","url":"https://www.soliduslabs.com/reports/solana-rug-pulls-pump-dumps-crypto-compliance"},{"credibility":2,"name":"98% of Tokens on Pump.fun Are Rug Pulls or Fraud: Report - CryptoPotato","type":"news_article","url":"https://cryptopotato.com/98-of-tokens-on-pump-fun-are-rug-pulls-or-fraud-report/"},{"credibility":1,"name":"Pump.Fun News: Pump.fun Hits Back at Report That Claimed 98% of Memecoins on the Platform Are Fraudulent - CoinDesk","type":"news_article","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"},{"credibility":2,"name":"Report Exposes 98.6% of Solana Meme Coins on Pump.fun as Fraudulent - Bitcoin News","type":"news_article","url":"https://news.bitcoin.com/report-exposes-98-6-of-solana-meme-coins-on-pump-fun-as-fraudulent/"}]},{"content":"Pump.fun and its parent entity Baton Corporation Limited face multiple consolidated federal class action lawsuits filed in the U.S. District Court for the Southern District of New York. The first major complaint was filed on January 30, 2025 by plaintiff Diego Aguilar (case Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun, 1:25-cv-00880), represented by Wolf Popper LLP and Burwick Law. Named defendants include Baton Corporation Limited, Noah Tweedale, Alon Cohen, and Dylan Kerler. The complaint alleges that all tokens created on the Pump.fun platform constitute unregistered securities under U.S. law and that the platform acted as a joint issuer by providing automated launch infrastructure, collected nearly $500 million in fees while violating the Securities Act, and orchestrated a systematic pump-and-dump scheme. A second, broader Consolidated Amended Class Action Complaint filed on July 22, 2025 expanded the defendant list to include Solana Labs, the Solana Foundation, Jito Labs, and the Jito Foundation. This complaint alleged a coordinated 'Pump Enterprise' that extracted between $4 billion and $5.5 billion from retail traders between March 2024 and July 2025 through MEV-enabled insider front-running, in violation of U.S. securities laws and the Racketeer Influenced and Corrupt Organizations (RICO) Act. The class period covers investors who purchased tokens on Pump.fun from March 1, 2024 through July 23, 2025. In December 2025, Judge Colleen McMahon authorized plaintiffs to amend their complaint to incorporate whistleblower evidence and denied motions to dismiss, allowing the case to proceed. Jito Labs separately obtained dismissal of claims against it in October 2025, represented by Skadden Arps. The two initially separate class actions were merged by Judge McMahon on June 26, 2025.","heading":"Federal Class Action Lawsuits: Securities Violations and RICO Claims","severity":"critical","sources":[{"credibility":1,"name":"Pump.Fun Hit With Proposed Class Action Lawsuit Alleging Securities Violations - CoinDesk","type":"court_filing","url":"https://www.coindesk.com/policy/2025/01/30/pump-fun-hit-with-proposed-class-action-lawsuit-alleging-securities-violations"},{"credibility":1,"name":"Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun, 1:25-cv-00880 - CourtListener","type":"court_filing","url":"https://www.courtlistener.com/docket/69593359/aguilar-v-baton-corporation-ltd-dba-pumpfun/"},{"credibility":2,"name":"$5.5B Lawsuit Hits Pump.Fun, Solana & Jito - Hodder Law","type":"news_article","url":"https://hodder.law/pumpfun-solana-jito-lawsuit-2025/"},{"credibility":1,"name":"Wolf Popper LLP - Pump.Fun memecoin cases and investigations","type":"court_filing","url":"https://www.wolfpopper.com/cases-investigations/pumpfun-memecoin"},{"credibility":1,"name":"Crypto Developer Jito Labs Wins Dismissal of Class Action - Skadden","type":"news_article","url":"https://www.skadden.com/about/news-and-rankings/news/2025/10/crypto-developer-jito-labs-wins-dismissal-of-class-action"},{"credibility":1,"name":"Meme coins alleged to be securities in two new class actions - DLA Piper","type":"news_article","url":"https://www.dlapiper.com/en/insights/publications/2025/02/meme-coins-alleged-to-be-securities-in-two-new-class-actions"}]},{"content":"Central to the consolidated class action is the allegation that maximal extractable value (MEV) infrastructure — specifically Jito Labs' Jito Block Engine — was allegedly used by insiders to reorder transactions at the moment of new token launches on Pump.fun, enabling privileged buyers to purchase tokens at bonding curve base prices before public trading commenced. Plaintiffs allege that insiders paid elevated tips to validators via Jito's infrastructure to guarantee transaction priority, front-running ordinary retail buyers. In December 2025, a whistleblower described as a confidential informant who re-emerged in September 2025 provided plaintiffs with approximately 5,000 internal chat messages allegedly exchanged among Pump.fun staff, Solana engineers, and Jito Labs executives. Judge Colleen McMahon of the Southern District of New York granted plaintiffs leave to amend their complaint to incorporate this evidence, ruling that the material had not been available previously and that plaintiffs had acted diligently. A subsequent Bitget News report in 2026 referenced a total of approximately 15,000 chat records entering the evidentiary record. Jito Labs has denied wrongdoing and obtained dismissal of the direct claims against it in October 2025. Industry observers including Delphi Ventures' Tommy Shaughnessy have characterized the MEV claims as a mischaracterization of standard blockchain mechanics. Pump.fun has not publicly acknowledged the chat disclosures.","heading":"MEV Manipulation and Whistleblower Evidence","severity":"critical","sources":[{"credibility":2,"name":"MEV Lawsuit Against Pump.fun, Solana Heats Up - Unchained Crypto","type":"news_article","url":"https://unchainedcrypto.com/mev-lawsuit-against-pump-fun-solana-heats-up/"},{"credibility":2,"name":"Pump.fun MEV Scandal Explodes as Whistleblower Leaks 5,000+ Internal Messages - Crypto Economy","type":"news_article","url":"https://crypto-economy.com/pump-fun-mev-scandal-explodes-as-whistleblower-leaks-5000-internal-messages/"},{"credibility":2,"name":"Whistleblower Drops 5,000+ Secret Chats in Pump.fun MEV Scandal - CryptoNews","type":"news_article","url":"https://cryptonews.com/news/pumpfun-mev-scandal-leaks-lawsuit/"},{"credibility":2,"name":"Annual Review of the Pump.fun Lawsuit: Piecing Together the Truth Behind 15,000 Chat Records - Bitget News","type":"news_article","url":"https://www.bitget.com/news/detail/12560605120230"}]},{"content":"On December 3, 2024, the United Kingdom's Financial Conduct Authority (FCA) published a formal consumer warning stating that Pump.fun 'may be providing or promoting financial services or products without our permission' and that it is not authorized to operate in the United Kingdom. The FCA advised consumers that dealing with unauthorized firms denies them access to the Financial Ombudsman Service and the Financial Services Compensation Scheme, and recommended avoidance of the platform. In response, Pump.fun updated its terms of service and blocked access for UK-based users by December 6, 2024. Users attempting to access the platform from UK IP addresses are shown a notice stating the site is unavailable under UK laws and regulations. In the United States, no SEC or CFTC enforcement action had been publicly announced as of June 2026, though the DOJ's April 2025 enforcement memo warned that platforms facilitating crypto fraud could face fines or executive liability. The platform's legal exposure in the United States is currently channeled through the pending private class action in the Southern District of New York rather than formal regulatory enforcement.","heading":"UK Financial Conduct Authority Warning and Regulatory Actions","severity":"high","sources":[{"credibility":1,"name":"Pump.fun - FCA Warning Notice","type":"regulatory","url":"https://www.fca.org.uk/news/warnings/pumpfun"},{"credibility":2,"name":"Pump.fun Bans UK Traders in Response to FCA Warning - CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2024/12/06/pump-fun-bans-uk-traders-in-response-to-fca-warning/"},{"credibility":1,"name":"Memecoin Factory Pump.Fun Bans U.K. Crypto Traders - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2024/12/06/memecoin-factory-pump-fun-bans-u-k-crypto-traders"},{"credibility":2,"name":"Pump Fun updates terms to block UK users days after FCA warning - CryptoSlate","type":"news_article","url":"https://cryptoslate.com/pump-fun-updates-terms-to-block-uk-users-days-after-fca-warning/"}]},{"content":"In November 2024, Pump.fun's livestreaming feature — which allowed token creators to broadcast live to potential buyers — was suspended indefinitely following widespread community backlash over extreme and harmful content. Multiple incidents were documented publicly: a livestreamer wearing a wig and fake beard appeared on camera under a noose, threatening self-harm unless viewers purchased his token; another user pointed a firearm at a dog and threatened to shoot unless his token reached $11 million; additional incidents included threats referencing school safety and content involving minors. Pump.fun stated that daily livestreams had grown over 100x within a single week, overwhelming the platform's moderation capacity despite the company doubling its human moderation team and deploying automated systems. The platform suspended the feature pending the development of more robust moderation infrastructure. One high-profile incident involving an apparent on-camera suicide threat was subsequently reported by DL News to have been staged. Legal experts quoted by CoinTelegraph suggested the platform's framing of token prices as contingent on extreme actions could expose it to criminal liability. The livestream suspension did not resolve the underlying fraud concerns on the token side of the platform.","heading":"Livestream Abuse and Platform Content Moderation Failures","severity":"high","sources":[{"credibility":2,"name":"Pump.fun halts livestreams indefinitely after community backlash - CryptoBriefing","type":"news_article","url":"https://cryptobriefing.com/pump-fun-livestream-halt/"},{"credibility":2,"name":"Pump.fun's memecoin freak show may result in criminal charges: Expert - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/pump-fun-memecoin-freak-show-ban"},{"credibility":2,"name":"A shock suicide on Pump.fun prompted outrage and a shutdown. It was all fake - DL News","type":"news_article","url":"https://www.dlnews.com/articles/defi/fake-suicide-on-pump-fun-prompted-outrage-and-a-shutdown/"},{"credibility":2,"name":"Pump.fun Suspends Livestreams Indefinitely Amid Escalating Content Concerns - Blockhead","type":"news_article","url":"https://www.blockhead.co/2024/11/26/pump-fun-suspends-livestreams-indefinitely-amid-escalating-content-concerns/"}]},{"content":"The Pump.fun ecosystem and Solana memecoin infrastructure more broadly became the vehicle for several high-profile alleged celebrity token schemes in late 2024 and early 2025. In January 2025, Official Trump (TRUMP) and MELANIA tokens were launched on Solana, with TRUMP reaching a reported market capitalization of $8.7 billion before crashing over 90%. MELANIA dropped from a high above $13 to approximately $0.51, representing a decline of over 96%. A separate class action lawsuit filed in October 2025 against Meteora, a Solana-based DEX that facilitated MELANIA's launch, alleged that Meteora executives deliberately structured the launch to allow affiliated insiders to accumulate large positions before public trading, then sell at profit — while Melania Trump herself was characterized in the complaint as unwitting 'window dressing' lending credibility to the scheme. Pump.fun trading volume fell 63% between January and February 2025 (from $119 billion to $44 billion) as concerns about celebrity memecoin manipulations eroded retail confidence. Additionally, unidentified actors hacked celebrity social media accounts to promote Solana memecoins in alleged pump-and-dump schemes. The platform's own X account was compromised in February 2025 to promote a fake token.","heading":"Celebrity Memecoin Exploitation and Market Impact","severity":"high","sources":[{"credibility":2,"name":"Pump.fun Volume Plunges 63% in February Amid Celebrity Meme Coin Scam Concerns - CryptoNews","type":"news_article","url":"https://cryptonews.com/news/pump-fun-volume-plunges-63-in-february-amid-celebrity-meme-coin-scam-concerns/"},{"credibility":2,"name":"2025 in memecoins: Trump's token, scandals, ETFs and lawsuits - DL News","type":"news_article","url":"https://www.dlnews.com/articles/defi/how-scandals-and-lawsuits-shaped-memecoins-in-2025/"},{"credibility":2,"name":"Who's Melania Trump's Scapegoat? Meme Coin Dev Faces Chopping Block for MELANIA Crypto Project - Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/melania-trump-scapegoat-meme-coin-113542177.html"},{"credibility":2,"name":"Official Trump Solana Meme Coin Falls as Melania Drops Token of Her Own - Decrypt","type":"news_article","url":"https://decrypt.co/301756/official-trump-solana-meme-coin-falls-as-melania-drops-token-of-her-own"}]},{"content":"In June 2026, Pump.fun launched a new product called GO, operating under the slogan 'Pay ANYONE to do ANYTHING,' structured as an open bounty marketplace where users could post cryptocurrency-denominated tasks for others to complete. Within hours of launch on June 4, 2026, the platform attracted severe public criticism as extreme and allegedly harmful task listings appeared. The most widely reported listing offered approximately 10,000 SOL (valued at roughly $690,000) tied to a suicide-related task, drawing condemnation across social media and from mental health advocates. Other listings offered equivalent values of approximately $57,000 for extreme stunts, with over $100,000 in total bounties outstanding for tasks that critics characterized as reckless or dangerous. Observers noted that the GO platform replicated the moderation failures seen in the 2024 livestream controversy, with Pump.fun again claiming to review submissions prior to going live while appearing unable to prevent harmful content at scale. As of the investigation date, Pump.fun had not issued a public statement addressing the backlash and had published no moderation guidelines for the GO platform.","heading":"GO Bounty Platform: 2026 Content Controversy","severity":"high","sources":[{"credibility":2,"name":"Pump.fun Faces Backlash Over New GO Bounty Platform on Solana - DEXTools","type":"news_article","url":"https://www.dextools.io/news/pump-fun-go-bounty-platform-backlash-solana-june-2026"},{"credibility":2,"name":"Pump.fun GO launch sparks controversy over Suicide bounties - Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/pump-fun-go-controversy-suicide-bounties/"},{"credibility":2,"name":"Pump.fun's GO bounty platform faces backlash over suicide-linked listing worth $690K - CryptoBriefing","type":"news_article","url":"https://cryptobriefing.com/pumpfun-go-bounty-suicide-backlash/"},{"credibility":2,"name":"Pump.fun Launches GO Bounty Platform, Immediately Draws Backlash - The Defiant","type":"news_article","url":"https://thedefiant.io/news/nfts-and-web3/pump-fun-launches-go-bounty-platform-backlash-extreme-listings"}]},{"content":"Following peak activity in late 2024 and early 2025, Pump.fun experienced significant revenue and volume decline through 2025 and into 2026. A 2026 analysis attributed the revenue collapse in part to Solana network fee increases and declining memecoin market sentiment. The platform's market share among Solana launchpads fell from over 98% to approximately 57.5% by mid-May 2025 as competitors emerged. Raydium launched LaunchLab in April 2025, an open-source token launch frontend that competes directly with Pump.fun. Additional competitors including Moonshot (from DEX Screener), Virl.fun, and Believe have captured portions of the launchpad market. The broader ecosystem risk remains systemic: the bonding curve model that made Pump.fun dominant is replicated across competitor platforms, meaning the structural incentives enabling fraud are not unique to Pump.fun. Analysis from multiple firms indicates that most tokens across all Solana launchpads fail within three to eight weeks, with only a small fraction sustaining multi-month liquidity.","heading":"Revenue Collapse and Competitive Landscape","severity":"medium","sources":[{"credibility":2,"name":"Pump.fun Revenue Collapse 2026: Solana Fee Impact Analysis - SpotedCrypto","type":"news_article","url":"https://www.spotedcrypto.com/pump-fun-volume-collapse-solana-fee-revenue-2026/"},{"credibility":2,"name":"Launchpad wars: Which Solana Launchpad Will Win - Blocmates","type":"news_article","url":"https://www.blocmates.com/articles/all-you-need-to-know-about-the-solana-launchpad-wars"},{"credibility":2,"name":"Solana's Meme Coin Launchpads Explained: Tools, Tradeoffs, and Today's Numbers - CryptoNews.net","type":"news_article","url":"https://www.cryptonews.net/news/altcoins/31573909/"}]}],"sources_used":[{"credibility":1,"name":"Pump.fun - FCA Warning Notice (Official Regulatory Record)","type":"regulatory","url":"https://www.fca.org.uk/news/warnings/pumpfun"},{"credibility":1,"name":"Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun, 1:25-cv-00880 - CourtListener","type":"court_filing","url":"https://www.courtlistener.com/docket/69593359/aguilar-v-baton-corporation-ltd-dba-pumpfun/"},{"credibility":1,"name":"Pump.Fun Hit With Proposed Class Action Lawsuit Alleging Securities Violations - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/01/30/pump-fun-hit-with-proposed-class-action-lawsuit-alleging-securities-violations"},{"credibility":1,"name":"Pump.Fun News: Pump.fun Hits Back at Report That Claimed 98% of Memecoins on the Platform Are Fraudulent - CoinDesk","type":"news_article","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"},{"credibility":1,"name":"Memecoin Factory Pump.Fun Bans U.K. Crypto Traders - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2024/12/06/memecoin-factory-pump-fun-bans-u-k-crypto-traders"},{"credibility":2,"name":"Solana Rug Pulls & Pump-and-Dumps: What Crypto Institutions Must Know - Solidus Labs","type":"research","url":"https://www.soliduslabs.com/reports/solana-rug-pulls-pump-dumps-crypto-compliance"},{"credibility":1,"name":"Wolf Popper LLP - Pump.Fun memecoin case page","type":"court_filing","url":"https://www.wolfpopper.com/cases-investigations/pumpfun-memecoin"},{"credibility":1,"name":"Crypto Developer Jito Labs Wins Dismissal of Class Action - Skadden","type":"news_article","url":"https://www.skadden.com/about/news-and-rankings/news/2025/10/crypto-developer-jito-labs-wins-dismissal-of-class-action"},{"credibility":2,"name":"MEV Lawsuit Against Pump.fun, Solana Heats Up - Unchained Crypto","type":"news_article","url":"https://unchainedcrypto.com/mev-lawsuit-against-pump-fun-solana-heats-up/"},{"credibility":2,"name":"Pump Fun co-founder Dylan Kerler linked to 2017 ICO scams - Protos","type":"news_article","url":"https://protos.com/pump-fun-co-founder-dylan-kerler-linked-to-2017-ico-scams-report/"},{"credibility":1,"name":"Meme coins alleged to be securities in two new class actions - DLA Piper","type":"news_article","url":"https://www.dlapiper.com/en/insights/publications/2025/02/meme-coins-alleged-to-be-securities-in-two-new-class-actions"},{"credibility":2,"name":"$5.5B Lawsuit Hits Pump.Fun, Solana & Jito - Hodder Law","type":"news_article","url":"https://hodder.law/pumpfun-solana-jito-lawsuit-2025/"},{"credibility":2,"name":"Pump.fun halts livestreams indefinitely after community backlash - CryptoBriefing","type":"news_article","url":"https://cryptobriefing.com/pump-fun-livestream-halt/"},{"credibility":2,"name":"A shock suicide on Pump.fun prompted outrage and a shutdown. It was all fake - DL News","type":"news_article","url":"https://www.dlnews.com/articles/defi/fake-suicide-on-pump-fun-prompted-outrage-and-a-shutdown/"},{"credibility":2,"name":"2025 in memecoins: Trump's token, scandals, ETFs and lawsuits - DL News","type":"news_article","url":"https://www.dlnews.com/articles/defi/how-scandals-and-lawsuits-shaped-memecoins-in-2025/"},{"credibility":2,"name":"Pump.fun GO launch sparks controversy over Suicide bounties - Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/pump-fun-go-controversy-suicide-bounties/"},{"credibility":2,"name":"Pump.fun's GO bounty platform faces backlash over suicide-linked listing worth $690K - CryptoBriefing","type":"news_article","url":"https://cryptobriefing.com/pumpfun-go-bounty-suicide-backlash/"},{"credibility":2,"name":"Pump.fun Launches GO Bounty Platform, Immediately Draws Backlash - The Defiant","type":"news_article","url":"https://thedefiant.io/news/nfts-and-web3/pump-fun-launches-go-bounty-platform-backlash-extreme-listings"},{"credibility":2,"name":"Report Exposes 98.6% of Solana Meme Coins on Pump.fun as Fraudulent - Bitcoin News","type":"news_article","url":"https://news.bitcoin.com/report-exposes-98-6-of-solana-meme-coins-on-pump-fun-as-fraudulent/"},{"credibility":2,"name":"Pump.fun Revenue Collapse 2026: Solana Fee Impact Analysis - SpotedCrypto","type":"news_article","url":"https://www.spotedcrypto.com/pump-fun-volume-collapse-solana-fee-revenue-2026/"},{"credibility":1,"name":"Pump.fun ditches 'use all revenue to burn tokens' policy - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/04/29/pump-fun-burns-36-of-pump-supply-in-usd370-million-wipe-locks-50-revenue-into-ongoing-buybacks"},{"credibility":2,"name":"Annual Review of the Pump.fun Lawsuit: 15,000 Chat Records - Bitget News","type":"news_article","url":"https://www.bitget.com/news/detail/12560605120230"},{"credibility":2,"name":"Pump.fun MEV Scandal Explodes as Whistleblower Leaks 5,000+ Internal Messages - Crypto Economy","type":"news_article","url":"https://crypto-economy.com/pump-fun-mev-scandal-explodes-as-whistleblower-leaks-5000-internal-messages/"},{"credibility":2,"name":"Pump.fun Is Solana First $1B Revenue App - Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/pump-fun-solana-first-1b-130219262.html"}],"summary":"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.","timeline":[{"date":"2017-10-19","event":"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.","source":"Protos / WIRED investigation","source_url":"https://protos.com/pump-fun-co-founder-dylan-kerler-linked-to-2017-ico-scams-report/"},{"date":"2024-01-19","event":"Pump.fun launches on Solana, operated by Baton Corporation Limited, founded by Noah Tweedale, Alon Cohen, and Dylan Kerler.","source":"DEXTools / CoinDesk","source_url":"https://www.dextools.io/tutorials/what-is-pump-fun-solana-memecoin-launchpad-2026"},{"date":"2024-11-25","event":"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.","source":"CryptoBriefing","source_url":"https://cryptobriefing.com/pump-fun-livestream-halt/"},{"date":"2024-12-03","event":"UK Financial Conduct Authority publishes formal warning that Pump.fun may be providing unauthorized financial services in the United Kingdom.","source":"FCA","source_url":"https://www.fca.org.uk/news/warnings/pumpfun"},{"date":"2024-12-06","event":"Pump.fun blocks all UK users from accessing the platform following the FCA warning.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2024/12/06/memecoin-factory-pump-fun-bans-u-k-crypto-traders"},{"date":"2025-01-18","event":"Official Trump (TRUMP) memecoin launches on Solana, reaching a peak market capitalization of $8.7 billion before collapsing over 90%.","source":"Decrypt","source_url":"https://decrypt.co/301756/official-trump-solana-meme-coin-falls-as-melania-drops-token-of-her-own"},{"date":"2025-01-19","event":"MELANIA token launches on Solana, peaking above $13 before falling over 96% to approximately $0.51.","source":"Decrypt","source_url":"https://decrypt.co/301756/official-trump-solana-meme-coin-falls-as-melania-drops-token-of-her-own"},{"date":"2025-01-30","event":"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.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2025/01/30/pump-fun-hit-with-proposed-class-action-lawsuit-alleging-securities-violations"},{"date":"2025-02-01","event":"Pump.fun's official X account is hacked and used to promote a fake token.","source":"CryptoNews","source_url":"https://cryptonews.com/news/pump-fun-volume-plunges-63-in-february-amid-celebrity-meme-coin-scam-concerns/"},{"date":"2025-04-24","event":"WIRED publishes investigation linking Pump.fun co-founder Dylan Kerler to 2017 ICO rug pulls including EthereumCash and eBitcoinCash.","source":"Protos summary of WIRED investigation","source_url":"https://protos.com/pump-fun-co-founder-dylan-kerler-linked-to-2017-ico-scams-report/"},{"date":"2025-05-07","event":"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.","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":"2025-06-26","event":"Judge McMahon merges the two separately filed Pump.fun class action cases into one consolidated action.","source":"DLA Piper","source_url":"https://www.dlapiper.com/en/insights/publications/2025/02/meme-coins-alleged-to-be-securities-in-two-new-class-actions"},{"date":"2025-07-22","event":"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.","source":"Hodder Law / Yahoo Finance","source_url":"https://hodder.law/pumpfun-solana-jito-lawsuit-2025/"},{"date":"2025-10-01","event":"Jito Labs obtains dismissal of class action claims against it, represented by Skadden Arps.","source":"Skadden","source_url":"https://www.skadden.com/about/news-and-rankings/news/2025/10/crypto-developer-jito-labs-wins-dismissal-of-class-action"},{"date":"2025-12-09","event":"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.","source":"Unchained Crypto","source_url":"https://unchainedcrypto.com/mev-lawsuit-against-pump-fun-solana-heats-up/"},{"date":"2026-04-29","event":"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.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/04/29/pump-fun-burns-36-of-pump-supply-in-usd370-million-wipe-locks-50-revenue-into-ongoing-buybacks"},{"date":"2026-06-04","event":"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.","source":"CryptoBriefing / The Defiant","source_url":"https://cryptobriefing.com/pumpfun-go-bounty-suicide-backlash/"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 4d26baee-daa6-4033-9c76-4564febc6692copy