A company looking to compete with a coin launching platform pump. fun She threatened her rival with a lawsuit earlier this month. Just 10 days later, the project launched a token on Pump.fun and was a self-confessed “graph rug(ged)” with the founder claiming to have made $800,000.

Yonatan Badash founded Pump Pumpkin in December 2024, announcing the project with a speech Deepfakes by Morgan Freeman. This came after only one month He pretended to steal a child's dog Which spread for rugpulling token in live stream- Also known as Quant's Kid.

As the new year dawns, Pump Pumpkin has released a Legal Notice to Pump.fun Threatening to file a lawsuit seeking damages of more than $1 billion based on allegations that the project was hiding how much it was charging in fees.

Badash said Decryption Pump Pumpkin was hiring an in-house legal team to handle the case. However, he added that the company is unsure where to file the lawsuit because Pump Pumpkin is based in Israel pump. fun It is based in the United Kingdom. He said the company hopes to reach a settlement out of court.

Despite this, the threat was gone diffuse. Badash used the attention as a platform for this He promotes Its competing platform and Two Solana symbols: PPA and PP.

In short, Pump Pumpkin aims to release a PPA token on Pump.fun which will then be exchanged for PP tokens – the governance token of the project. However, the launch of the PPA was a mess.

Pump Pumpkin has been promoting the token launch across social media, counting down the minutes to its release and launching a campaign. X live broadcast. Then the code Fired On Pump.fun.

Just 11 minutes after the token was generated, the publisher's wallet was sold The value of the token is $3,200. This resulted in a 92% PPA drop in six seconds. Then, after 14 minutes, an additional $3,840 worth of tokens They were sold and caused the purchase price of energy to fall by an additional 76%.

Despite the two big hits, the token pumped more than 700% in the following minutes. Around the same time, you can hear people cheering in the room next to Badash on the live stream.

“This is my team that is affected by everything that is happening right now,” the founder says with a smile to the live broadcast, which has received nearly 85,000 views. Badash goes on to explain that the team was struggling to buy enough of the token supply because too many people were buying it, causing the price to spike.

During this live stream, Badash shares his screen as he tries to control the hate-filled chat against the project. This included blocking out the word curse, the Jew, and the Palestinian flag. Science was shared because Some viewers They claimed to have seen the founder had joined a Telegram group called “Fuck Arabs”.

Investors claim that there were also project insiders who bought the token early and sold it when the price rose. Decryption I found several wallets that bought the token on Pump.fun and made thousands of dollars in profits, e.g Wallet 93Fy Which bought 1.75 soles ($309) of PPA and sold it for $23,100.

As hatred grew within Telegram, the founder began to provoke investors.

One user claimed he lost "all" his money. In response, Badach called them "poor rooster" and then threatened to "get rid of" his 30% supply if the price did not rise. The investor who lost money threatens to kill Badash. But this did not prevent the project's founder from gloating over his scheme.

“I'm about to manipulate the scheme that made so much money to do it again, guys,” Badash said in the project's Telegram group. "I just made $800,000. Suck it (racial slur)."

Badash refused to respond to him DecryptionRequest for comment.

The PPA fell 93% to a market cap of $140,000 in 10 hours after its all-time high of $2.1 million.

This is before the pumpkin pump Announce Holders of this token can exchange one PPA for one PP token, potentially burning the PPA in the process. In the Telegram chat, Badash claims that PP does not have a contract address which is impossible. As such, people on Telegram reported burning their PPA tokens and never receiving a PP token in return, intensifying fraud allegations.

Now, the project's Telegram is filled with angry investors claiming to have lost their money, and many believe there is no way back for the Pump.fun competitor. A meme was even created demanding that Badash be put in prison. the The founder thought it was funny.

“I lost about $11,000 USD because of this token. I really thought it was a legitimate project,” said Mohamed Muawiyah, COO of Cryptocurrency Gaming Project. ConvalHe said Decryption. “There is no way they can rebuild their reputation and successfully launch their product now.”

Modified by Stacey Elliott.