Pump.fun’s co-founder denied rumors of a token launch, advising users to trust only official sources.
Co-founder Alon Cohen, who was instrumental in the debut of Pump.fun in January 2024, stated in a post on X that his team is still concentrating on making improvements to the platform.
He also expressed their continued dedication to “rewarding users in an appropriate manner. Throughout his address, Cohen highlighted the significance of patience, stressing that “good things take time” and cautioning against making unapproved assertions regarding the platform’s future directions.
This comes at a time when the platform is receiving a greater amount of attention from industry regulators as well as traders. According to earlier claims from cryptocurrency researcher Wu Blockchain, who stated that Pump.fun was planning to release a token through a Dutch auction format in partnership with centralized exchanges, the announcement contradicts those earlier findings.
Regarding the characteristics of the token, there was speculation that it might include revenue sharing and exclusive platform access for holders.
Pump.fun: Popular Solana Meme Coin Launchpad
Pump.fun has established itself as a famous meme coin launchpad on the Solana blockchain. It enables users to instantly create tokens and trade them with one another.
But the platform is currently facing a number of legal challenges.On the 16th of January, Burwick Law and Wolf Popper LLP initiated the initial significant legal action against the platform.
According to the allegations made in the case, violations of United States securities laws were committed by facilitating the sale of unregistered securities that were disguised as meme tokens.
In particular, the complaint brought attention to the situation involving the Peanut the Squirrel token, which, according to the allegations, was subjected to fraudulent price inflation resulting from influencer advertisements prior to its collapse.
On January 30, a second lawsuit was filed, which expanded the charges that were made against Baton Corporation Ltd., the operator of Pump.fun, and senior officials of the platform. This brought the legal pressure to a higher level.
The plaintiffs in these cases have identified coordinated price manipulation techniques that are harmful to regular investors as the target of their legal actions.
In light of the increased regulatory attention that the site is currently experiencing, the co-founder has issued a caution against making unlawful claims.
