The lawsuit claims that Pumpfun executives privately admitted "most users lost money," accusing the platform of being a "rigged casino."

According to Odaily, the US law firm Burwick Law has recently refiled a lawsuit against Pumpfun, Solana Labs, and related executives, accusing them of building a "manipulated, unlicensed gambling platform" and allegedly organizing large-scale pump-and-dump schemes.

The lawsuit cites some private chat records, stating that Pumpfun co-founder Alon Cohen allegedly said in internal communications that "most investors trading Meme coins on the platform would lose money," and compared such low market cap token trading to high-risk gambling. The plaintiff also quoted anonymous KOLs, claiming that some promotional activities involved early access to token information and coordinated dumping.

However, the report points out that the indictment lacks direct evidence proving that Pumpfun executives personally profited from these activities, with some accusations relying on indirect accounts and limited evidentiary strength. Whether this constitutes "market manipulation" remains to be determined by the court's subsequent hearings and evidence collection. (DL news)