tldr; A lawsuit has been filed against executives of Solana Labs, the Solana Foundation, Jito Labs, and Pump.fun, accusing them of creating a ‘rigged slot machine’ in the memecoin market. The plaintiffs claim to have over 5,000 private messages as evidence of insider manipulation. The lawsuit alleges that the system allowed insiders to profit at the expense of retail investors, causing significant losses. The plaintiffs seek compensation, regulatory changes, and the forfeiture of alleged ill-gotten gains. Defendants deny the claims, calling them vague and unsupported.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
aaaanoon on
Companies and memes.
Crivos on
I don’t think this surprises anybody. Everything is insider-rigged nowadays.
Kemetic_Crypto on
The class action lawsuit will be something!
Where do I sign up haha
Efficient_Shame_8106 on
So something called Pumpfun was a scam? I’m both shocked and outraged. Who could have foreseen such a thing, especially on Solana where all the best tokens are minted.
CipherScarlatti on
Pumpfun? Rigged? Noooo. Next thing you’ll say Santy Claus isn’t real. /s
6 Comments
tldr; A lawsuit has been filed against executives of Solana Labs, the Solana Foundation, Jito Labs, and Pump.fun, accusing them of creating a ‘rigged slot machine’ in the memecoin market. The plaintiffs claim to have over 5,000 private messages as evidence of insider manipulation. The lawsuit alleges that the system allowed insiders to profit at the expense of retail investors, causing significant losses. The plaintiffs seek compensation, regulatory changes, and the forfeiture of alleged ill-gotten gains. Defendants deny the claims, calling them vague and unsupported.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Companies and memes.
I don’t think this surprises anybody. Everything is insider-rigged nowadays.
The class action lawsuit will be something!
Where do I sign up haha
So something called Pumpfun was a scam? I’m both shocked and outraged. Who could have foreseen such a thing, especially on Solana where all the best tokens are minted.
Pumpfun? Rigged? Noooo. Next thing you’ll say Santy Claus isn’t real. /s