Law firm Burwick Law refiles lawsuit against Pump.fun, reveals co-founder admitted "Most people lose money"

By: theblockbeats.news|2026/01/14 11:30:17

0

Share

copy

BlockBeats News, January 14th, law firm Burwick Law has refiled a lawsuit against Pump.fun, reaffirming in the latest version of the lawsuit that Pump.fun, while promoted as a game of chance, is actually a "manipulated casino" whose leaders "secretly predetermined who would win and who would lose, siphoning huge profits from retail participants".

Internal messages cited in the lawsuit show that Pump.fun co-founder Alon Cohen had admitted that "most people lose". The plaintiff alleges that the platform allowed specific users to front-run the token launches through a priority fee mechanism and accuses certain crypto influencers of promoting tokens without disclosing compensation. Despite the serious allegations, the lawsuit lacks concrete evidence proving direct executive profits, and the judge has allowed the plaintiff to submit an amended complaint containing 5,000 private messages.

-- Price

You may also like

Morning News | Bitmine launches institutional Ethereum staking platform MAVAN; Franklin Templeton launches tokenized ETF; Morgan Stanley to issue and sponsor Bitcoin ETF

Morning News | Bitmine launches institutional Ethereum staking platform MAVAN; Franklin Templeton launches tokenized ETF; Morgan Stanley to issue and sponsor Bitcoin ETF

Overview of Important Market Events on March 25

Kalshi early employees: Whoever controls the traffic controls the market

Kalshi early employees: Whoever controls the traffic controls the market

Robinhood can decide where tens of millions of contracts go with the flip of a switch, while the exchanges do all the hard work but cannot control their own fate.

Tether signs contracts with four major audits, Circle's compliance moat collapses, stock price plummets by 20%

Tether signs contracts with four major audits, Circle's compliance moat collapses, stock price plummets by 20%

USDT, with a market value of 184 billion dollars, is undergoing its first comprehensive inspection in history.

Proudly Introducing Aethir Claw: Your AI Agent, Our Infrastructure

Proudly Introducing Aethir Claw: Your AI Agent, Our Infrastructure

Explore Aethir Claw, an easy-to-deploy AI agent solution that offers fully isolated VPS, encrypted payments, and highly competitive pricing.

Why Buying Gold Can Lead to Bankruptcy

Why Buying Gold Can Lead to Bankruptcy

"There is no issue with 'buying gold,' the issue is 'buying whose gold.'"

If the US Treasury yield rises above 5%, will Bitcoin drop below $50,000?

If the US Treasury yield rises above 5%, will Bitcoin drop below $50,000?

During the US-Iran war, as the bond market exhibited a **"meltdown"** scenario, Bitcoin's upward momentum is showing signs of exhaustion.

Circle Plunges 20%: Crypto Earthquake Triggered by Draft Proposal

Circle Plunges 20%: Crypto Earthquake Triggered by Draft Proposal

Compliance gave Circle both a suit of armor and a ball and chain.

After the Smoke Clears: 5 Possible Endings to the Middle East Conflict

After the Smoke Clears: 5 Possible Endings to the Middle East Conflict

The Crown Prince in Exile for Half a Century, Set to Return to Tehran?

Stablecoin Yields Discontinued, Circle Plunges 20% in One Day

Stablecoin Yields Discontinued, Circle Plunges 20% in One Day

Tightening Regulations and Increased Competition Lead Market to Reassess Stablecoin Business Models

AI Wired into War Machine | Rewire News Nightly

AI Wired into War Machine | Rewire News Nightly

Anduril and Palantir are collaborating on the development of the core software for the Golden Dome anti-missile system, with a project budget of $18.5 billion.

Web3 is sick, but the cure is not AI

Web3 is sick, but the cure is not AI

Encryption may have wasted too many years, and the current AI anxiety is merely a stress response of an industry that has overdrawn its narrative after facing external shocks.

Why must Web3 projects be included in RootData?

Why must Web3 projects be included in RootData?

Behind the wave of exchanges delisting and the tightening of coin listing reviews, the "information transparency" of projects is becoming a key threshold that determines whether they can be seen and trusted.

Fluid Announces Updates on Resolv Hack Recovery and Compensation Plan

Fluid Announces Updates on Resolv Hack Recovery and Compensation Plan

Key Takeaways Fluid has repaid approximately $70 million related to USR debts on the BNB and Plasma chains.…

Binance to Delist Key Spot Trading Pairs: What You Need to Know

Binance to Delist Key Spot Trading Pairs: What You Need to Know

Key Takeaways Binance is set to remove several spot trading pairs on March 27, 2026, at 11:00 AM…

Whale Activities in the Crypto Market: A Deep Dive into Recent Trends

Whale Activities in the Crypto Market: A Deep Dive into Recent Trends

Key Takeaways A significant whale deposit occurred 3 hours ago when 5.5 million USDT was moved to Binance…

Circle and Tether Freeze Iranian Exchange Wallex Wallet with $2.49M Assets on Hold

Circle and Tether Freeze Iranian Exchange Wallex Wallet with $2.49M Assets on Hold

Key Takeaways Circle and Tether have frozen a significant amount of assets from an Iranian exchange called Wallex,…

James Wynn Engages in High-Leverage Bitcoin Short Position

James Wynn Engages in High-Leverage Bitcoin Short Position

Key Takeaways James Wynn recently opened a 40x leveraged short position on Bitcoin. His position involves 2.69 BTC,…

Major Whale Opens Significant 20x Leveraged Positions in ETH and BTC

Major Whale Opens Significant 20x Leveraged Positions in ETH and BTC

Key Takeaways Whale 0x049b has executed large 20x leverage positions on 9,256 ETH and 282.47 BTC, totaling over…

Morning News | Bitmine launches institutional Ethereum staking platform MAVAN; Franklin Templeton launches tokenized ETF; Morgan Stanley to issue and sponsor Bitcoin ETF

Overview of Important Market Events on March 25

Kalshi early employees: Whoever controls the traffic controls the market

Robinhood can decide where tens of millions of contracts go with the flip of a switch, while the exchanges do all the hard work but cannot control their own fate.

Tether signs contracts with four major audits, Circle's compliance moat collapses, stock price plummets by 20%

USDT, with a market value of 184 billion dollars, is undergoing its first comprehensive inspection in history.

Proudly Introducing Aethir Claw: Your AI Agent, Our Infrastructure

Explore Aethir Claw, an easy-to-deploy AI agent solution that offers fully isolated VPS, encrypted payments, and highly competitive pricing.

Why Buying Gold Can Lead to Bankruptcy

"There is no issue with 'buying gold,' the issue is 'buying whose gold.'"

If the US Treasury yield rises above 5%, will Bitcoin drop below $50,000?

During the US-Iran war, as the bond market exhibited a **"meltdown"** scenario, Bitcoin's upward momentum is showing signs of exhaustion.

Popular coins

Latest Crypto News

09:42

Startale raises $50 million from SBI, completing a $63 million Series A funding round

Japanese Web3 infrastructure company Startale announced that SBI has invested $50 million in it, while completing a $63 million Series A funding round. The two companies are focusing on tokenized securities, stablecoins, and consumer chain products in Japan.Startale Group CEO Sota Watanabe stated, "...

09:42

U.S. SEC Chairman: Tokenization innovation exemption may be introduced in the coming weeks

According to The Block, as the U.S. Securities and Exchange Commission (SEC) prepares to launch a tokenized asset innovation exemption program, the U.S. House Financial Services Committee held a hearing on March 25 titled "The Future of Tokenization and Securities: Modernizing Capital Markets."Repub...

09:42

Data: The current 8-hour average funding rate for ETH across the entire network is 0.0016%

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is 0.0016%. Among the current mainstream exchanges, the rate on Binance is 0.0045%, OKX is 0.0064%, Bybit is 0.0046%, and Gate is 0.0077%.

09:42

Visa announced that it has become a super validator for the Canton Network

Visa announced that it will join the Canton Network, becoming the first major global payment company to serve as a super validator. Visa will be one of 40 super validators, helping banks and financial institutions move payment flows onto the blockchain.Rubail Birwadker, Head of Global Growth Product...

09:42

Ruisui: After Mastercard acquires BVNK, it is expected to become a "network connector" between cryptocurrency and fiat currency

According to The Block, Mizuho analysts Dan Dolev and Alexander Jenkins stated that after Mastercard's acquisition of the stablecoin startup BVNK, it is expected to become a "network connector" between fiat and cryptocurrency. The analysts pointed out that stablecoins will serve as accelerators for ...