The firm stated that the platform's founders have raised "hundreds of millions of dollars" in fees while remaining anonymous.
At the same time, the platform has displayed anti-social content, and schemes such as rug pulls, fraud, and deception have thrived.The lawyers noted that cryptocurrencies attract users with "fundamental promises" of financial democratization, transforming traditional systems, and empowering individuals.
"However, instead, scams and speculative assets like meme coins now dominate the crypto landscape, primarily benefiting small pools of insiders and corrupt corporations," they emphasized.
The firm has invited affected investors to join the lawsuit and report their claims. Burwick Law also warned that the outcome of the legal proceedings is not guaranteed.According to a dashboard on Dune, approximately 6.1 million tokens have been launched on Pump.fun. The platform's total fundraising volume has approached $2.3 million.
It is worth noting that in November, the developers of Pump.fun disabled the streaming feature due to community criticism of the content being displayed. The platform's daily revenues plummeted by about one-third.
