The Pump cryptoplatform. fun, which runs on the Solana blockchain, is facing a class action lawsuit in New York federal court. The plaintiff, Diego Aguilar, claims that all memcoins created on the platform are unregistered securities, and Pump itself. fun earned almost $500 million in commissions on this.

According to the lawsuit, Pump. fun allegedly used aggressive marketing strategies and collaborated with influencers to artificially increase the hype around tokens. The document also claims that the platform managed the technical infrastructure, liquidity, and pricing of memcoins, making it an issuer and seller of securities.

The plaintiff's lawyers are demanding the cancellation of all memcoin transactions on the platform, compensation for the affected investors and coverage of court costs. In response to the accusations, representatives of Pump. fun and the parent company Baton Corporation have not yet given official comments.