US law firm accuses Pumpfun platform of being a "rigged casino"

The US law firm Burwick Law 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 private chat records in which Pumpfun co-founder Alon Cohen reportedly stated that most investors participating in Meme coin trading on the platform would lose money, likening such trading to high-risk gambling. The complaint lacks direct evidence proving personal profit by the executives, with some allegations relying on indirect accounts. Whether this constitutes "market manipulation" remains to be determined by the court.