Web Analytics
crypto.news
2025-02-06 07:46:14

Solana’s Pump.fun hit with cease and desist over alleged IP violations

Solana-based meme coin deployer Pump.fun continues to draw legal heat as recent allegations claim some tokens launched on the platform violated intellectual property rights. On Feb. 5, Pump.fun a cease and desist letter was issued against Pump.fun by U.S. law firms Burwick Law and Wolf Popper LLP, demanding the removal of several meme coins allegedly misusing their names and logos. A cease and desist letter is a formal legal notice demanding that an individual or entity immediately stop an alleged unlawful activity to avoid further legal action. The letter demands the “immediate removal of the Dogshit2 token” and other tokens that the firms claim were created to impersonate them. It further accuses Pump.fun of enabling these unauthorized deployments and failing to act despite having the technical ability to do so. According to law firms, these actions not only violate their intellectual property but also contribute to deceptive market practices, putting investors at risk. To date, Pump.fun users have created hundreds of tokens, including those themed around Burwick Law, Wolf Popper LLP, and Burwick’s managing partner, Max Burwick. Meme coins themed around Burwick Law and Max Burwick | Source: Pump.fun You might also like: Second lawsuit hits Pump.fun as legal pressure over meme coins intensifies Burwick Law and Wolf Popper LLP also claim that Pump.fun played a role in broader efforts to “intimidate our clients and interfere with ongoing litigation.” They point to meme coins designed to impersonate plaintiffs in the lawsuit, arguing that this represents “the use of blockchain technologies as a tool for disrupting justice and due process.” “Any further unauthorized use of our firms’ names, intellectual property, or association with this token may result in immediate legal action,” a part of the cease and desist letter warned. The cease and desist letter follows two class-action lawsuits against Pump.fun, both led by Burwick Law and Wolf Popper LLP on behalf of investors. The first case, filed on Jan. 16, targeted the sale of the Peanut the Squirrel token, alleging it was an unregistered security promoted through influencer-driven hype. The second lawsuit , filed on Jan. 30, expanded the allegations, naming Pump.fun’s operator, Baton Corporation Ltd, and key figures behind the platform. According to the complaint, Pump.fun allegedly profited from a pump-and-dump business model by aggressively marketing meme tokens that later lost a significant portion of its value. Plaintiff Diego Aguilar claimed he suffered losses after purchasing tokens like Fwog and Griffain, which were initially pushed to high valuations before their prices plummeted. The complaint also accused Pump.fun of extracting nearly $500 million in fees from traders while running a scheme that allegedly mirrors elements of Ponzi structures. However, the case took an unexpected turn when community members analyzed Exhibit C of the lawsuit, which demonstrated how easily tokens can be created on Pump.fun. Dog Shit Going NoWhere (DOGSHIT2) became the center of controversy after some community members discovered a wallet address mentioned in the firms’ lawsuit against Pump.fun matched the one associated with DOGSHIT2. This led to speculation that Burwick and Law may have deployed the token to strengthen its case. Those holding the meme coin, meanwhile, have benefited from the controversy, as DOGSHIT2 surged over 170% in the past 24 hours, reaching an all-time high of $0.01437 on Feb. 6—hours after the cease and desist letter was issued. As of publication time, Pump.fun has yet to issue an official statement regarding the allegations or respond to the cease and desist letter. Read more: Burwick law founder blasts Pump.fun for exploitation, lawsuit looms

Crypto 뉴스 레터 받기
면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.