Solana’s “Pump Fun” Involved in Revised $5.5B Lawsuit

In recent legal developments, the Solana-based platform “Pump Fun” has been implicated in an amended lawsuit alleging involvement in a $5.5 billion illicit financial scheme centered around meme coins. The suit claims the platform facilitated unlawful gambling activities through meme coin trading, leading to substantial investor losses. “Pump Fun” is accused of violating the RICO (Racketeer Influenced and Corrupt Organizations) Act due to its alleged participation in organizing and managing this financial scheme. Plaintiffs allege the platform permitted meme coin trading without adequate oversight, resulting in price manipulation and investor exploitation. The lawsuit includes charges of fraud and money laundering, seeking significant compensation for those affected. The financial and technology community is closely monitoring this case, as it could have considerable repercussions for the future of meme coin trading and decentralized trading platforms.