Law firm represents victims take legal action against Pump.fun, ZachXBT retorts: gamblers reap what they sow

US law firm Burwick Law announced today that it will take legal action against Pump.fun, a meme coin launch platform on Solana, accusing it of causing millions of investors to suffer losses and promoting fraudulent activities, and calling on victims to join a class-action lawsuit. ZachXBT mocked this by saying, ‘You can’t blame others for losing in gambling.’

Burwick Law plans to take legal action against Pump.fun

According to the latest tweet from Burwick Law, the law firm will represent users who have suffered investment losses due to Pump.fun and file a lawsuit.

Burwick said the move was made after months of deep discussions with investors who suffered huge losses due to memes coins, scams, rug pulls, unfulfilled promises and other reasons. They hope to hold Pump.fun and its team accountable through legal means.

If you lose any money on your Pump.fun, you may be entitled to compensation.

He added, “We are calling on potential victims to join a class action lawsuit seeking blame for the misconduct of the Pump.fun platform.”

Burwick: Cryptocurrencies should not be dominated by speculative fraud.

Burwick pointed out that many investors join the world of cryptocurrencies for its underlying ‘democratized financial system, subversion of the traditional system, and empowerment of individuals globally’:

However, the current cryptocurrency market is filled with scams and speculative assets, at the expense of the majority of cryptocurrency enthusiasts, benefiting a few insiders and corrupt businesses.

They are concerned, ‘This not only fails to realize the potential of cryptocurrencies, but also hinders the development of projects that can truly bring positive impact to society.’

Previously, according to Dune analyst Adam Tehc’s data, out of nearly 14 million active crypto wallets on Pump.fun, only about 0.45% of traders have made profits exceeding $10,000. In other words, the potential size of other victims on the platform may be enormous.

Zach: Don’t pretend to be innocent when gambling voluntarily.

In response, the on-chain detective ZachXBT angrily scolded the potential legal recourse takers underneath the tweet, stating, “Gamblers are simply not victims.”

The fallen gamblers willingly choose to gamble on the meme coin with extremely low market value, they are not real victims or investors.

Pump.fun controversy one after another

As a user-friendly meme coin issuance platform, Pump.fun allows users to create and issue their memecoins without the need for professional technical background. However, its service has always been controversial.

(Solana DApp November revenue breaks through 365 million pounds! Meme coin platform Pump.fun contributes 109 million pounds in a single month)

Burwick criticized the Pump.fun team for not filtering sensitive content despite charging hundreds of millions of dollars in fees, and allowing it to spread instead:

Users displaying drugs, self-harm, terrorist organizations, indecent behavior, violence, and other anti-social content on the platform; while the creator of the platform chooses to remain anonymous, causing concerns about transparency.

(Terrorism, Grandmother Imprisonment, Threatening to Shoot School, etc.! Pump.fun slams the brakes, and the platform announces the removal of the live broadcasting function)

It is reported that the US Department of Justice (DOJ) and the Financial Conduct Authority (FCA) in the UK have both taken measures to restrict or prohibit users from accessing the Pump.fun website.

Now, Burwick Law’s legal action will crackdown on Pump.fun and other cryptocurrency scams, recovering losses for victims, highlighting the regulatory loopholes and investment risks in the cryptocurrency field, undoubtedly still a serious challenge.

This article represents the law firm taking legal action against Pump.fun on behalf of the victims, and ZachXBT retaliates: gamblers reap what they sow. Originally appeared on ChainNews ABMedia.