Verify a decision

{"actor":"system:backfill","investigation_id":"c82d6ddc-9343-4b0c-96bb-6c347ae94889","kind":"publish","page_slug":"pump-fun-solana-labs-rico-class-action","published_at":"2026-06-02T21:25:06.176Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Pump.fun / Solana Labs RICO Class Action","sections":[{"content":"The litigation began on January 30, 2025, when investor Diego Aguilar filed a proposed class action in the U.S. District Court for the Southern District of New York against Baton Corporation Ltd. (the UK-registered parent company of Pump.fun) and its three co-founders, alleging the sale of unregistered securities. A separate but related action by plaintiff Kendall Carnahan, focused on the PNUT token, was filed on January 16, 2025. The two cases were consolidated on July 22, 2025, when plaintiffs' counsel — Wolf Popper LLP and Burwick Law — filed a Consolidated Amended Complaint that expanded the defendant list to include Solana Labs Inc., the Solana Foundation, Jito Labs Inc., Jito Foundation, and multiple individual executives. The expanded complaint added RICO allegations under 18 U.S.C. sections 1962(c) and (d), characterizing the Solana ecosystem as a 'coordinated racketeering enterprise designed to simulate the functions of a digital casino operated illegally under the guise of meme coin creation and trading.' Defendants moved to dismiss the consolidated complaint in September 2025. On September 26, 2025, plaintiffs voluntarily dismissed all claims against Jito Labs, Jito Foundation, and Jito CEO Lucas Bruder without any settlement payment, shortly after Skadden filed a motion to dismiss on Jito's behalf arguing plaintiffs failed to plead any relationship between Jito Labs and Pump.fun. The court so-ordered this dismissal on September 30, 2025. On December 9, 2025, Judge Colleen McMahon granted plaintiffs' motion for leave to file a Second Amended Complaint, citing new evidence in the form of thousands of internal chat logs. Plaintiffs filed the Second Amended Complaint on January 7, 2026. Defendants' motions to dismiss the Second Amended Complaint were due January 23, 2026; plaintiffs' oppositions were due February 13, 2026; defendants' replies were due February 20, 2026. As of June 2026, no ruling on those motions has been publicly reported.","heading":"Case Overview and Procedural History","severity":"critical","sources":[{"credibility":1,"name":"CoinDesk — Pump.Fun Hit With Proposed Class Action Lawsuit Alleging Securities Violations","type":"news_article","url":"https://www.coindesk.com/policy/2025/01/30/pump-fun-hit-with-proposed-class-action-lawsuit-alleging-securities-violations"},{"credibility":2,"name":"Wolf Popper LLP — Pump.fun Class Action Expands with Consolidated Amended Complaint Adding RICO Allegations","type":"official","url":"https://www.wolfpopper.com/news/pumpfun-class-action-lawsuit-expands-with-consolidated-amended-complaint-adding-rico-allegations-and-new-defendants"},{"credibility":1,"name":"Skadden — Crypto Developer Jito Labs Wins Dismissal of Class Action (October 2025)","type":"other","url":"https://www.skadden.com/about/news-and-rankings/news/2025/10/crypto-developer-jito-labs-wins-dismissal-of-class-action"},{"credibility":2,"name":"Crypto Times — Pump.fun Lawsuit Update: Judge Permits Second Amended Complaint","type":"news_article","url":"https://www.cryptotimes.io/2025/12/16/pump-fun-lawsuit-update-judge-permits-second-amended-complaint/"},{"credibility":1,"name":"CourtListener — Aguilar v. Baton Corporation Ltd., 1:25-cv-00880","type":"court_filing","url":"https://www.courtlistener.com/docket/69593359/aguilar-v-baton-corporation-ltd-dba-pumpfun/"},{"credibility":2,"name":"Burwick Law — Pump.fun and Solana RICO Lawsuit: Aguilar v. Baton Corporation (case page)","type":"official","url":"https://www.burwick.law/active-cases/pump-fun-and-solana-rico-lawsuit-aguilar-v-baton-corporation"}]},{"content":"The Second Amended Complaint (filed January 7, 2026) names the following defendants: Baton Corporation Ltd. d/b/a Pump.fun (UK-registered parent entity); co-founders Alon Cohen (alleged COO), Dylan Kerler (alleged CTO), and Noah Bernhard Hugo Tweedale (alleged CEO); Solana Labs Inc.; Solana Foundation; and individual Solana executives Anatoly Yakovenko (co-founder), Raj Gokal (co-founder and CEO), Dan Albert (Executive Director, Solana Foundation), Austin Federa (former Head of Communications), and Lily Liu (President, Solana Foundation). The complaint also names 25 anonymous Key Opinion Leader (KOL) defendants. The complaint characterizes these parties collectively as the 'Solana-Pump.Fun Racketeering Enterprise.' Plaintiffs allege that Jito Labs was re-incorporated into the enterprise theory in the Second Amended Complaint despite the earlier voluntary dismissal, with internal chat logs alleged to show Jito Labs executives coordinating with Pump.fun and Solana Labs personnel. However, the initial voluntary dismissal of Jito Labs without prejudice remains the last court-ordered action regarding that defendant. Named plaintiff Michael Okafor alleges approximately $242,076 in individual losses. The complaint estimates that more than 4.25 million unique wallets traded through the platform between January and December 2024, with more than 60% ending in net losses.","heading":"Defendants and Alleged 'Pump Enterprise'","severity":"critical","sources":[{"credibility":2,"name":"Burwick Law — Pump.fun and Solana RICO Lawsuit: Aguilar v. Baton Corporation","type":"official","url":"https://www.burwick.law/active-cases/pump-fun-and-solana-rico-lawsuit-aguilar-v-baton-corporation"},{"credibility":2,"name":"Decrypt — Solana, Pump.fun Named in Amended RICO Suit Alleging $5.5B Meme Coin Gambling Scheme","type":"news_article","url":"https://decrypt.co/331528/solana-pump-fun-amended-rico-suit-alleging-meme-coin-gambling"},{"credibility":2,"name":"CoinGeek — Solana and Jito named in Pump.fun RICO class action","type":"news_article","url":"https://coingeek.com/solana-and-jito-named-in-pump-fun-rico-class-action/"}]},{"content":"The complaint alleges that Pump.fun marketed its token launches as 'fair,' 'safe,' and 'rug-pull proof,' while allegedly operating a system that gave privileged participants priority access to new token launches. Plaintiffs allege a 'bipartite scheme involving insiders and automated bots' in which early participants could acquire positions in newly launched tokens before retail investors, effectively extracting value from ordinary users. The legal theory relies on RICO provisions (18 U.S.C. sections 1962(c) and (d)), which require proof of an enterprise, a pattern of racketeering activity, and predicate acts. The complaint identifies wire fraud, unlicensed money transmission, and illegal gambling as alleged predicate acts. Additional claims include violations of Sections 12(a)(1) and 15 of the Securities Act of 1933, alleging all Pump.fun-issued tokens constitute unregistered securities; violations of New York General Business Law sections 349 and 350 (deceptive acts and false advertising); and unjust enrichment. Plaintiffs seek compensatory and treble RICO damages, disgorgement, restitution, appointment of a federal equity receiver over Pump.fun and Solana Labs, and injunctive relief. Under the treble-damages provision of RICO, the $5.5 billion loss estimate could yield a claimed damages figure of up to $16.5 billion.","heading":"Core Allegations: RICO, Securities Fraud, and Insider Priority Access","severity":"critical","sources":[{"credibility":2,"name":"Crypto Valley Journal — Pump.fun and Solana: $5.5B RICO Class Action Lawsuit Over Memecoin Platform","type":"news_article","url":"https://cryptovalleyjournal.com/focus/legal-and-compliance/pump-fun-and-solana-5-5-billion-usd-rico-class-action-lawsuit-over-memecoin-platform/"},{"credibility":2,"name":"DL News — Solana, Pump.fun execs sued — Lawsuit claims 5,000 private messages prove 'insider-rigged casino'","type":"news_article","url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/"},{"credibility":2,"name":"Hodder Law — $5.5B Lawsuit Hits Pump.Fun, Solana & Jito","type":"other","url":"https://hodder.law/pumpfun-solana-jito-lawsuit-2025/"}]},{"content":"A key development in late 2025 was the emergence of a confidential informant who allegedly provided plaintiffs' counsel with over 5,000 private chat messages. According to plaintiffs' filings, these logs contain 'multiple direct communications' in which engineers from Solana Labs and Pump.fun allegedly discussed 'integration of key software components' that enabled certain participants to gain priority transaction ordering at token launch. Plaintiffs' attorney Max Burwick stated the messages show the alleged scheme discussed 'in real time.' Judge McMahon cited this new evidence as justification for granting the motion to file the Second Amended Complaint in December 2025. The chat records were characterized by some reporting as potentially numbering up to 15,000 across the full corpus submitted; the widely cited figure of 5,000 represents the initial whistleblower submission. The identity of the confidential informant has not been publicly disclosed. The contents of the logs have not been independently verified by press reporting, as they remain subject to litigation confidentiality. Defendants have not publicly confirmed the authenticity of the alleged chat logs.","heading":"Whistleblower Evidence: ~5,000 Internal Chat Messages","severity":"high","sources":[{"credibility":2,"name":"Yahoo Finance — Whistleblower Drops 5,000+ Secret Chats in Pump.fun MEV Scandal — Lawsuit Intensifies","type":"news_article","url":"https://finance.yahoo.com/news/whistleblower-drops-5-000-secret-210125260.html"},{"credibility":2,"name":"Yellow.com — Judge Approves Expansion Of Solana Pump.fun Lawsuit After 5,000 Internal Chats Surface","type":"news_article","url":"https://yellow.com/news/judge-approves-expansion-of-solana-pumpfun-lawsuit-after-5000-internal-chats-surface"},{"credibility":2,"name":"DL News — Solana, Pump.fun execs sued","type":"news_article","url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/"}]},{"content":"The consolidated amended complaint alleged that Jito Labs, an MEV (maximal extractable value) infrastructure provider on Solana, enabled coordinated front-running of retail buyers at token launch. Jito's software allows transaction submitters to pay 'tips' to gain priority placement within block production, a practice the complaint characterized as part of the enterprise's scheme. Jito Labs, represented by Skadden, Arps, Slate, Meagher & Flom LLP (attorney Alexander Drylewski), filed a motion to dismiss on September 5, 2025, arguing that plaintiffs failed to plead any relationship, involvement in, or control over the Pump.fun platform by Jito Labs. On September 26, 2025, plaintiffs agreed to voluntarily dismiss all claims against Jito Labs, Jito Foundation, Lucas Bruder (CEO), and Brian Smith (COO) without any settlement payment. The dismissal was without prejudice. Jito publicly stated its technology existed before Pump.fun and was available to any market participant. The Second Amended Complaint filed January 7, 2026, is reported to contain renewed allegations regarding Jito-affiliated parties based on the whistleblower chat logs, though Jito's formal dismissal from the first amended complaint stands as the last court order on record regarding Jito as of June 2026.","heading":"MEV and Jito Labs Allegations","severity":"high","sources":[{"credibility":1,"name":"Skadden — Crypto Developer Jito Labs Wins Dismissal of Class Action","type":"other","url":"https://www.skadden.com/about/news-and-rankings/news/2025/10/crypto-developer-jito-labs-wins-dismissal-of-class-action"},{"credibility":2,"name":"CryptoSlate — Solana Labs, Jito Labs hit with RICO charges in amended Pump Fun fraud lawsuit","type":"news_article","url":"https://cryptoslate.com/solana-labs-jito-labs-hit-with-rico-charges-in-amended-pump-fun-fraud-lawsuit/"}]},{"content":"Pump.fun (Baton Corporation), the Solana Foundation, and Solana Labs have denied the core allegations. In their September 2025 motions to dismiss, defendants characterized the lawsuit as an attempt by losing traders to shift blame for their own trading outcomes. Pump.fun's motion argued the complaint 'pleads no presales, insider allocations, or rug pulls' and that characterizations of launches as 'fair' and 'safe' constituted non-actionable general marketing language rather than enforceable promises. Defendants further argued the case lacked sufficient specificity and offered no proof of a coordinated conspiracy, noting the lawsuit 'relies heavily on the claim that Jito Labs and Solana Labs had overlapping investors' but that shared investors do not establish interpersonal relationships among enterprise members. Baton Corporation engaged Brown Rudnick LLP as defense counsel, with Daniel L. Sachs (former SEC counsel), Kyle P. Dorso, and Stephen D. Palley (chair of Brown Rudnick's Digital Commerce Group) as lead attorneys. No defendant has publicly addressed the specific content of the alleged internal chat logs.","heading":"Defendants' Denials and Defense Arguments","severity":"high","sources":[{"credibility":2,"name":"Cryptopolitan — Pump.fun and Solana face long legal battle as class action lawsuit proceeds","type":"news_article","url":"https://www.cryptopolitan.com/pump-fun-solana-class-action-lawsuit/"},{"credibility":2,"name":"Protos — Pump Fun taps high-profile lawyers to battle Burwick lawsuit","type":"news_article","url":"https://protos.com/pump-fun-taps-high-profile-lawyers-to-battle-burwick-lawsuit/"},{"credibility":2,"name":"DL News — Solana, Pump.fun execs sued","type":"news_article","url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/"}]},{"content":"Plaintiffs allege Pump.fun collected approximately $722.85 million in fees from early 2024 through January 2025, with peak daily revenues reportedly exceeding $15 million. According to available data, only approximately 0.4% of users realized gains exceeding $10,000. The complaint estimates aggregate retail losses of between $4 billion and $5.5 billion across the platform's user base. Independent corroboration comes from Solidus Labs' 2025 Rug Pull Report, which analyzed over 7 million tokens deployed on Pump.fun with at least five trades between January 2024 and March 2025, and found that 98.6% of those tokens collapsed to under $1,000 in liquidity — effectively becoming worthless. The report also found approximately 93% of liquidity pools on Raydium exhibited soft rug-pull characteristics. Pump.fun publicly disputed the framing of the Solidus Labs report. These statistics are cited by plaintiffs to support the RICO 'pattern of racketeering' theory but have not been adjudicated by the court.","heading":"Platform Revenue and Alleged Retail Losses","severity":"high","sources":[{"credibility":2,"name":"Solidus Labs — 2025 Rug Pull Report: Rug Pulls and Pump-and-Dumps on Solana","type":"research","url":"https://www.soliduslabs.com/reports/solana-rug-pulls-pump-dumps-crypto-compliance"},{"credibility":1,"name":"CoinDesk — Pump.fun Hits Back at Report That Claimed 98% of Memecoins Are Fraudulent (May 2025)","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":"BeInCrypto — 98.6% of Tokens on Pump.fun Are Scams, Report Reveals","type":"news_article","url":"https://beincrypto.com/pump-fun-tokens-scams-solidus-labs-report/"},{"credibility":3,"name":"MEXC Blog — Pump.fun Hit With Expanded RICO Lawsuit","type":"news_article","url":"https://blog.mexc.com/news/pump-fun-hit-with-expanded-rico-lawsuit-naming-solana-jito-labs-and-founders-as-500m-crypto-crime-cartel/"}]},{"content":"In December 2025, Burwick Law filed a Notice of Defendant Misconduct alleging that after the lawsuit's expansion, Pump.fun and affiliated parties engaged in a 'memetic marketing campaign' using Pump.fun's own token-creation platform to harass plaintiffs' counsel. The filing alleged that tokens with offensive names referencing plaintiffs' attorneys were launched, and that at least one account engaged in 'sexual-violence-based' posts directed at lead attorney Max Burwick. Burwick Law requested sanctions including: removal of tokens associated with plaintiffs and counsel; a prohibition on Pump.fun staff allowing further targeted tokens; cessation of alleged harassment; and appointment of a compliance officer. Judge McMahon scheduled a conference for January 13, 2026, at which a Baton Corporation representative was required to appear and address matters raised in the letter motion. The allegations of misconduct are disputed by the defendants.","heading":"Alleged Defendant Misconduct Toward Plaintiffs' Counsel","severity":"high","sources":[{"credibility":2,"name":"Protos — Burwick Law wants Pump Fun sanctions over harassment claims","type":"news_article","url":"https://protos.com/burwick-law-wants-pump-fun-sanctions-over-harassment-claims/"},{"credibility":3,"name":"LiveBitcoinNews — Pump.fun Lawsuit Escalates as CEO's Brazil Detention Rumors Spread","type":"news_article","url":"https://www.livebitcoinnews.com/pump-fun-lawsuit-escalates-as-ceos-brazil-detention-rumors-spread/"}]},{"content":"In December 2025, unverified social media reports alleged that Pump.fun co-founder Alon Cohen had been detained in Brazil. As of reporting by LiveBitcoinNews on December 17, 2025, no credible sources had confirmed these allegations, and neither law enforcement nor official sources had validated any detention claims. The rumor appeared to originate from social media, with the only supporting indicator being Cohen's apparent inactivity on X since November 11, 2025. This claim is unverified and classified as low-confidence. It is recorded here for completeness; AVOID.NET does not treat unverified social media rumors as facts.","heading":"Unverified Rumor: Co-founder Detention in Brazil","severity":"low","sources":[{"credibility":3,"name":"LiveBitcoinNews — Pump.fun Lawsuit Escalates as CEO's Brazil Detention Rumors Spread (December 17, 2025)","type":"news_article","url":"https://www.livebitcoinnews.com/pump-fun-lawsuit-escalates-as-ceos-brazil-detention-rumors-spread/"}]},{"content":"As of June 2026, the case remains in the pre-trial motions phase. The Second Amended Complaint filed January 7, 2026, is the operative complaint. Defendants' motions to dismiss were due January 23, 2026, and briefing was scheduled to close by February 20, 2026. No ruling on those motions has been publicly reported. The case is pending before Judge Colleen McMahon in the SDNY (Case No. 1:25-cv-00880-CM). The outcome of the motions to dismiss will determine whether the RICO and securities fraud claims survive to proceed toward class certification and discovery. Key legal risks for plaintiffs include the high pleading standard for RICO claims (requiring specific predicate acts and enterprise relationships) and the challenge of establishing that Pump.fun tokens constitute securities under the Howey test. Key risks for defendants include the existence of the alleged internal communications and the potential for treble RICO damages if liability is established. Investors who purchased tokens on the Pump.fun platform between January 2024 and January 2025 may be potential class members.","heading":"Current Litigation Status and Risk Assessment","severity":"high","sources":[{"credibility":2,"name":"FinanceFeeds — US Judge Approves Amended Complaint in Pump.fun and Solana Class Action","type":"news_article","url":"https://financefeeds.com/us-judge-approve-amended-complaint-pumpfun-solana/"},{"credibility":2,"name":"Cryptopolitan — Pump.fun and Solana face long legal battle as class action lawsuit proceeds","type":"news_article","url":"https://www.cryptopolitan.com/pump-fun-solana-class-action-lawsuit/"},{"credibility":1,"name":"CourtListener — Case Docket 1:25-cv-00880","type":"court_filing","url":"https://www.courtlistener.com/docket/69593359/aguilar-v-baton-corporation-ltd-dba-pumpfun/"}]}],"sources_used":[{"credibility":1,"name":"CourtListener — Aguilar v. Baton Corporation Ltd., 1:25-cv-00880","type":"court_filing","url":"https://www.courtlistener.com/docket/69593359/aguilar-v-baton-corporation-ltd-dba-pumpfun/"},{"credibility":1,"name":"CoinDesk — Pump.Fun Hit With Proposed Class Action Lawsuit Alleging Securities Violations (Jan 30, 2025)","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":"Skadden — Crypto Developer Jito Labs Wins Dismissal of Class Action (Oct 2025)","type":"other","url":"https://www.skadden.com/about/news-and-rankings/news/2025/10/crypto-developer-jito-labs-wins-dismissal-of-class-action"},{"credibility":2,"name":"Wolf Popper LLP — Pump.fun Class Action Expands with Consolidated Amended Complaint","type":"official","url":"https://www.wolfpopper.com/news/pumpfun-class-action-lawsuit-expands-with-consolidated-amended-complaint-adding-rico-allegations-and-new-defendants"},{"credibility":2,"name":"Burwick Law — Pump.fun and Solana RICO Lawsuit: Aguilar v. Baton Corporation","type":"official","url":"https://www.burwick.law/active-cases/pump-fun-and-solana-rico-lawsuit-aguilar-v-baton-corporation"},{"credibility":2,"name":"Solidus Labs — 2025 Rug Pull Report","type":"research","url":"https://www.soliduslabs.com/reports/solana-rug-pulls-pump-dumps-crypto-compliance"},{"credibility":2,"name":"DL News — Solana, Pump.fun execs sued — 5,000 private messages","type":"news_article","url":"https://www.dlnews.com/articles/defi/solana-execs-sued-over-memecoin-trades/"},{"credibility":2,"name":"Yahoo Finance / Decrypt — Whistleblower Drops 5,000+ Secret Chats in Pump.fun MEV Scandal","type":"news_article","url":"https://finance.yahoo.com/news/whistleblower-drops-5-000-secret-210125260.html"},{"credibility":2,"name":"Crypto Times — Pump.fun Lawsuit Update: Judge Permits Second Amended Complaint (Dec 16, 2025)","type":"news_article","url":"https://www.cryptotimes.io/2025/12/16/pump-fun-lawsuit-update-judge-permits-second-amended-complaint/"},{"credibility":2,"name":"FinanceFeeds — US Judge Approves Amended Complaint in Pump.fun and Solana Class Action","type":"news_article","url":"https://financefeeds.com/us-judge-approve-amended-complaint-pumpfun-solana/"},{"credibility":2,"name":"Protos — Pump Fun taps high-profile lawyers to battle Burwick lawsuit","type":"news_article","url":"https://protos.com/pump-fun-taps-high-profile-lawyers-to-battle-burwick-lawsuit/"},{"credibility":2,"name":"Protos — Burwick Law wants Pump Fun sanctions over harassment claims","type":"news_article","url":"https://protos.com/burwick-law-wants-pump-fun-sanctions-over-harassment-claims/"},{"credibility":2,"name":"Protos — Solana Labs and Jito Labs served Pump Fun lawsuit (Aug 7, 2025)","type":"news_article","url":"https://protos.com/solana-labs-and-jito-labs-served-pump-fun-lawsuit/"},{"credibility":2,"name":"Decrypt — Pump.fun Faces Class Action Lawsuit Over Alleged Unregistered Securities Sales","type":"news_article","url":"https://decrypt.co/303790/pump-fun-faces-class-action-lawsuit-over-alleged-500m-unregistered-securities-sales"},{"credibility":2,"name":"Cryptopolitan — Pump.fun and Solana face long legal battle as class action lawsuit proceeds","type":"news_article","url":"https://www.cryptopolitan.com/pump-fun-solana-class-action-lawsuit/"},{"credibility":2,"name":"CoinGeek — Solana and Jito named in Pump.fun RICO class action","type":"news_article","url":"https://coingeek.com/solana-and-jito-named-in-pump-fun-rico-class-action/"},{"credibility":2,"name":"Crypto Valley Journal — Pump.fun and Solana: $5.5B RICO Class Action Lawsuit","type":"news_article","url":"https://cryptovalleyjournal.com/focus/legal-and-compliance/pump-fun-and-solana-5-5-billion-usd-rico-class-action-lawsuit-over-memecoin-platform/"},{"credibility":1,"name":"CoinDesk — Pump.fun Hits Back at 98% Rug Pull Report (May 2025)","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":3,"name":"MEXC Blog — Pump.fun Hit With Expanded RICO Lawsuit","type":"news_article","url":"https://blog.mexc.com/news/pump-fun-hit-with-expanded-rico-lawsuit-naming-solana-jito-labs-and-founders-as-500m-crypto-crime-cartel/"},{"credibility":3,"name":"LiveBitcoinNews — Pump.fun Lawsuit Escalates as CEO's Brazil Detention Rumors Spread","type":"news_article","url":"https://www.livebitcoinnews.com/pump-fun-lawsuit-escalates-as-ceos-brazil-detention-rumors-spread/"}],"summary":"Aguilar v. Baton Corporation Ltd. (Case No. 1:25-cv-00880, S.D.N.Y.) is an active federal class action alleging that Pump.fun, Solana Labs, the Solana Foundation, and named executives operated a coordinated racketeering enterprise — referred to as the 'Solana-Pump.Fun Racketeering Enterprise' — that rigged its memecoin launchpad to benefit insiders while marketing it as a fair platform to retail investors. Plaintiffs allege aggregate retail losses between $4 billion and $5.5 billion, while the platform collected an alleged $722 million in fees. As of early 2026, defendants have filed motions to dismiss the Second Amended Complaint; no ruling on those motions has been publicly reported as of June 2026.","timeline":[{"date":"2024-01-19","event":"Pump.fun platform launched by Noah Tweedale, Alon Cohen, and Dylan Kerler through Baton Corporation Ltd.","source":"PANews / Wikipedia","source_url":"https://en.wikipedia.org/wiki/Pump.fun"},{"date":"2025-01-16","event":"Plaintiff Kendall Carnahan files class action in SDNY related to PNUT token sales on Pump.fun, represented by Wolf Popper LLP and Burwick Law.","source":"Wolf Popper LLP","source_url":"https://www.wolfpopper.com/news/pumpfun-token-purchase-notice-wolf-popper-llp-and-burwick-law-announce-the-filing-of-a-class-action-lawsuit-against-baton-corporation-ltd-dba-pumpfun"},{"date":"2025-01-30","event":"Plaintiff Diego Aguilar files class action in SDNY against Baton Corporation Ltd. (Pump.fun) and co-founders for alleged unregistered securities sales, Case No. 1:25-cv-00880.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2025/01/30/pump-fun-hit-with-proposed-class-action-lawsuit-alleging-securities-violations"},{"date":"2025-04-08","event":"Baton Corporation retains Brown Rudnick LLP (attorneys Sachs, Dorso, and Palley) as defense counsel, one day before their response deadline.","source":"Protos","source_url":"https://protos.com/pump-fun-taps-high-profile-lawyers-to-battle-burwick-lawsuit/"},{"date":"2025-05-01","event":"Solidus Labs publishes its 2025 Rug Pull Report, finding 98.6% of tokens on Pump.fun collapsed to under $1,000 in liquidity across a sample of 7 million+ tokens (January 2024 – March 2025).","source":"Solidus Labs / CoinDesk","source_url":"https://www.soliduslabs.com/reports/solana-rug-pulls-pump-dumps-crypto-compliance"},{"date":"2025-07-22","event":"Plaintiffs file Consolidated Amended Complaint adding Solana Labs, Solana Foundation, Jito Labs, and individual executives as defendants with RICO allegations, expanding claimed damages to $5.5 billion.","source":"Wolf Popper LLP / Protos","source_url":"https://www.wolfpopper.com/news/pumpfun-class-action-lawsuit-expands-with-consolidated-amended-complaint-adding-rico-allegations-and-new-defendants"},{"date":"2025-08-07","event":"Solana Labs, Jito Labs, and three Solana Foundation executives formally served with the amended complaint.","source":"Protos","source_url":"https://protos.com/solana-labs-and-jito-labs-served-pump-fun-lawsuit/"},{"date":"2025-09-05","event":"Skadden files motion to dismiss on behalf of Jito Labs, arguing plaintiffs failed to plead any relationship between Jito Labs and Pump.fun.","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":"2025-09-26","event":"Plaintiffs voluntarily dismiss all claims against Jito Labs, Jito Foundation, CEO Lucas Bruder, and COO Brian Smith without settlement consideration.","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":"2025-09-30","event":"Court so-orders voluntary dismissal of all Jito-affiliated defendants.","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 issues order granting plaintiffs leave to file a Second Amended Complaint, citing new whistleblower evidence of ~5,000 internal chat messages.","source":"Crypto Times / FinanceFeeds","source_url":"https://www.cryptotimes.io/2025/12/16/pump-fun-lawsuit-update-judge-permits-second-amended-complaint/"},{"date":"2025-12-15","event":"Burwick Law files Notice of Defendant Misconduct alleging Pump.fun orchestrated a memetic harassment campaign against plaintiffs' counsel using the platform's token system.","source":"Protos","source_url":"https://protos.com/burwick-law-wants-pump-fun-sanctions-over-harassment-claims/"},{"date":"2025-12-17","event":"Unverified social media rumors allege Pump.fun co-founder Alon Cohen was detained in Brazil; no official source confirmed the claims as of that date.","source":"LiveBitcoinNews (low credibility claim)","source_url":"https://www.livebitcoinnews.com/pump-fun-lawsuit-escalates-as-ceos-brazil-detention-rumors-spread/"},{"date":"2026-01-07","event":"Plaintiffs file Second Amended Complaint incorporating whistleblower chat logs; complaint names 25 additional anonymous KOL defendants alongside original institutional defendants.","source":"Burwick Law / Cryptopolitan","source_url":"https://www.burwick.law/active-cases/pump-fun-and-solana-rico-lawsuit-aguilar-v-baton-corporation"},{"date":"2026-01-13","event":"Court conference scheduled at which a Baton Corporation representative was to appear before Judge McMahon regarding alleged misconduct letter motion.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/pump-fun-solana-class-action-lawsuit/"},{"date":"2026-01-23","event":"Deadline for defendants to file motions to dismiss Second Amended Complaint.","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2025/12/16/pump-fun-lawsuit-update-judge-permits-second-amended-complaint/"},{"date":"2026-02-20","event":"Briefing on motions to dismiss closes (defendants' reply deadline). No ruling publicly reported as of June 2026.","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2025/12/16/pump-fun-lawsuit-update-judge-permits-second-amended-complaint/"}]},"v":1}