A US law firm has revealed plans to take legal action against Solana-based cryptocurrency launch platform Pump.fun on behalf of investors, citing months of questionable promotional activity by the platform's users.

New York-based firm Burwick Law, which recently filed a federal lawsuit against the ill-fated creators Lucky Hawk Mimi coin, made advertisement On the tenth of Wednesday.

“In the past few months, Pumpdotfun has collected hundreds of millions of dollars in fees while illicit drug use, self-harm, racism, anti-Semitism, lewdness, bestiality, violence and other anti-social acts have been displayed on the platform,” the law firm alleged.

The company has called on affected individuals pump. funOur practices to advance and contribute to a potential legal case for seeking compensation.

Its announcement comes after months of collaboration with individuals who, Borwick said, are seeking treatment after losing "large sums of money to coins, rugs and broken promises."

Borwick claims that these issues raise serious questions about the lack of accountability of the platform's "anonymous" creators.

It is worth noting that the ad is considered a “lawyer ad” as “no results are guaranteed” along with the caveat that “past results do not guarantee future results,” Borwick said.

Pump.fun's troubled legacy

Since its launch in January 2024, Pump.fun has been a dominant force in the meme sector, responsible for the creation of more than 6 million tokens, according to Dune analyses Data.

While it promoted itself as a gateway for users with no technical experience to launch cryptocurrencies, the platform quickly became synonymous with speculative trading and risky behavior.

Pump.fun has attracted criticism for its now-suspended live streaming feature, where users performed extreme stunts to promote their tokens.

This included verbs that I paid Moral boundaries and cruelty, such as animal abuse and faked suicide.

Meanwhile, the UK's Financial Conduct Authority Forbidden Its residents were unable to access the platform in December, due to the risks to investors.

Despite its success in generating revenue, Pump.fun has been heavily criticized for developing a system in which a privileged few thrive while others are left to bear the brunt of financial ruin.

Data shows that only 0.4% of wallets on the platform generated profits exceeding $10,000, casting doubt on its fairness for ordinary users.

Pump.fun has not responded yet Decryption Request for comment.

Modified by Sebastian Sinclair