4 months ago
Pump.fun co-founder Alon Cohen dismissed reports that the Solana-based memecoin launchpad is preparing to contented its ain autochthonal token, refuting claims made by crypto writer Colin Wu.
Wu reported that Pump.fun was moving connected a token and planned to administer it via a Dutch auction strategy successful collaboration with aggregate centralized exchanges.
He cited insider sources from these exchanges and claimed his squad had obtained documents detailing the token issuance. However, Cohen dismissed the claims successful a societal media post, stating:
“Seeing rumors astir a imaginable Pump.fun token – these are wrong.”
He emphasized that the institution remains focused connected improving its level and reasonably rewarding users but did not corroborate immoderate token plans.
Despite Cohen’s denial, Wu stood by his reporting, stating:
“It is astir a nationalist information that Pump.fun plans to contented a token utilizing the Dutch auction wrong the CEXs.”
He asserted that his squad had obtained authoritative mentation documents and that aggregate speech officials confirmed Pump.fun’s token motorboat plans, though the timing remained undetermined.
Legal challenges
The statement implicit a imaginable token motorboat comes arsenic Pump.fun faces increased ineligible scrutiny.
A class-action suit filed successful the Southern District of New York alleges that the level facilitated the merchantability of unregistered securities, generating astir $500 cardinal successful fees. The suit claims that the platform’s operations interruption US securities laws and seeks damages connected behalf of affected investors.
In a abstracted case, Burwick Law and Wolf Popper LLP person sent a cease-and-desist missive to Pump.Fun, demanding the removal of much than 200 tokens that allegedly misuse their intelligence property.
The firms reason that Pump.fun has enabled the instauration of tokens impersonating their firms, employees, and clients, which they assertion is an effort to interfere with ongoing litigation.
Cohen has not straight addressed these ineligible disputes but has maintained that Pump.fun operates wrong ineligible boundaries. Meanwhile, manufacture observers stay divided connected whether the rumored token motorboat is simply a earthy adjacent measurement for the level oregon simply speculation.
The station PumpFun co-founder dismisses rumors of token motorboat arsenic speculation mounts appeared archetypal connected CryptoSlate.
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