- Pump.fun co-founder Alon Cohen refutes claims of an upcoming token launch.
- Crypto journalist Colin Wu stands by his report, citing insider sources and documents.
The crypto world is buzzing with rumors about Pump.fun, the popular Solana-based memecoin launchpad. Reportedly, the launchpad plans to make up their token, with plans to launch it through a Dutch auction system. Colin Wu dropped quite the bombshell on the x platform, claiming his team has gotten their hands on official documents showing plans for a new token.
According to Wu, multiple media insiders have backed up the story, though nobody seems to know exactly when this might happen.
Wu’s doubling down on his claims too, basically saying “It is almost a public fact that Pump.fun plans to issue a token using the Dutch auction inside the CEXs.” and insisting his team has done their homework. But here’s where it gets interesting, Cohen is flat-out denying the whole thing.
The Conflicting Claims
Co-founder Alon Cohen just stepped in to set the record straight. Despite what well-known crypto journalist Colin Wu reported, Cohen’s not having any of it. He jumped on social media saying these rumours were “wrong” and that the team’s got other priorities. He stated, “Seeing rumours about a potential pump fun token, these are wrong.
Would advise not to listen to anything that didn’t directly come from @pumpdotfun. While the Pump.fun team has mainly been focused on improving the product in its 1-year history, the team has always been committed to rewarding its users properly. Good things take time!”
Legal Troubles and Controversies
The rumours come as Pump.fun faces increasing legal scrutiny. A class-action lawsuit filed in New York alleges that the platform facilitated the sale of unregistered securities, generating nearly $500 million in fees. The lawsuit claims Pump.fun violated U.S. securities laws and seeks damages for affected investors.
In a separate case, law firms Burwick Law and Wolf Popper LLP have sent a cease-and-desist letter to Pump.fun, demanding the removal of over 200 tokens accused of misusing their intellectual property. The firms argue that Pump.fun enabled the creation of tokens impersonating their employees and clients, potentially interfering with ongoing litigation.
Strong Activity Despite Challenges
Even with all these hurdles, Pump.fun isn’t slowing down one bit! The platform is crushing it right now, driving nearly 60% of all trading action on Solana’s DEX scene. And speaking of Solana, it’s dominating the retail DEX market, handling a whopping 48% of all DEX trading volume.
Pretty impressive stats for a network that’s been dealing with its fair share of drama lately! Cohen has not directly addressed these legal disputes but maintains that Pump.fun operates within legal boundaries. As the platform navigates these challenges, the crypto community remains divided on whether a token launch is near or simply a rumour.
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