BlockBeats News reported on June 19 that pump.fun is hiring top-tier lawyers to respond to a lawsuit filed by Burwick Law. Burwick Law alleges that pump.fun illegally raised millions of dollars by selling "highly volatile unregistered securities" while lacking compliance measures, potentially involving activities related to "terror financing, drug trafficking, and other transnational crimes."
Max Burwick, the founder of Burwick Law, along with the law firm Wolf Popper, is representing Kendall Carnahan and other plaintiffs in a class-action lawsuit against pump.fun. Burwick Law is a law firm specializing in the cryptocurrency industry and is currently engaged in multiple lawsuits and investigations targeting various crypto companies and tokens. Burwick Law claims that many tokens created on pump.fun essentially resemble "pump and dump" schemes, involving manipulative practices that are unfair to investors.
In response to the lawsuit, pump.fun's parent company, Baton Corporation, has retained a defense team comprising several prominent lawyers from the well-known law firm Brown Rudnick, including former SEC investigator Daniel L. Sachs, crypto litigation expert Kyle P. Dorso, and veteran crypto attorney Stephen D. Palley.
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