New York–based law firm Burwick Law says it is preparing to file a lawsuit against Pump.fun on behalf of investors in meme coins who have lost “significant sums.”

**LEGAL ACTION ALERT: PUMPDOTFUN**

Burwick Law is pursuing legal action on behalf of investors in pumpdotfun memecoins. If you lost money on any pumpdotfun memecoins, you may be entitled to compensation.

Read more below.
— Burwick Law (@BurwickLaw) January 15, 2025

According to the firm, the platform’s founders have collected “hundreds of millions of dollars” in fees over recent months, all while remaining anonymous. Meanwhile, the site has allegedly displayed antisocial content, and rug pulls, fraud, and deceit have thrived.

Attorneys noted that cryptocurrencies attract users through “fundamental promises” such as the democratization of finance, transformation of traditional systems, and empowerment of the individual.

“Nevertheless, today’s crypto landscape is dominated by scams and speculative meme coins that primarily benefit small pools of insiders and corrupt corporations,” they stated.

The firm has invited affected investors to join the lawsuit and share their grievances. However, Burwick Law emphasized that the outcome of the legal case is not guaranteed.

According to a Dune dashboard, around 6.1 million tokens have been launched on Pump.fun. The platform’s total collected fees are approaching 2.3 million (though the quote currency or exact figure is unclear).

Context

In November, Pump.fun’s developers disabled the streaming feature due to community criticism of inappropriate content. The platform’s daily revenue reportedly fell by about one-third afterward.