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The lawsuit also names the company`s founders, Alon Cohen, Dylan Kuerler, and Noah Tweedale, as defendants. Aguilar accuses the project of selling unregistered securities in the form of tokens. Other allegations include facilitating Ponzi schemes and Pump & Dump schemes. Aguilar claims to have incurred losses from investments in at least three tokens: FRED, FWOG, and GRIFFAIN. He states that the platform promoted these assets as having the potential for ”exponential” returns. According to Aguilar, Pump.fun intentionally targeted young and inexperienced users through marketing campaigns on social media platforms like TikTok, utilizing narratives of FOMO and ”thousandfold profits.” He believes that the platform contributed to the execution of Pump & Dump schemes while ignoring KYC/AML measures. The lawsuit is backed by Burwick Law, a New York law firm that previously announced plans to file a class action against Pump.fun on behalf of investors who lost ”significant amounts.” Notably, Pump.fun celebrated its first anniversary on January 19, during which time the platform`s total revenue from fees reached $431 million.
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