Burwick Law Fights Back: Legal Battle Launched Against Pump.fun Meme Coins for Investor Protection!

Burwick Law has commenced legal action against Pump.fun on behalf of investors who incurred losses from the platform’s meme cryptocurrency trading practices.

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The firm emphasizes worries regarding the platform’s anonymity along with its exhibition of questionable content.

This move follows Pump.fun’s reported weekly volume of $2.2 billion, as stated by on-chain analyst Adam Tehc’s Dune dashboard.

A recent analysis based on Dune Analytics data tracking Pump.fun revealed that from 14 million wallet addresses on the platform, only 57,144 users have achieved profits exceeding $10,000, while a mere 298 wallets—approximately 0.00217%—have surpassed $1 million in earnings.

However, on-chain analyst Adam Tehc contends that the figures do not truly represent the number of crypto traders who are actually profit-making on the platform.

“If you’ve realized $10,000 trading Pump.fun’s tokens, you’re in the top 0.412% of wallets,” on-chain analyst Adam Tehc noted in a Jan. 10 X post. Realized profits are solely calculated after traders have sold their assets.

Alon, the platform’s anonymous co-founder, disputed the accuracy of the Dune data, claiming it omits purchases made post-tokens being bonded to Raydium, the decentralized exchange for Pump.fun tokens.

He pointed out that 30% of Pump.fun wallets have executed merely one transaction, attributing this to bot or AI activity.

According to Lookonchain, the platform has garnered 2,016,391 SOL tokens, equivalent…

“`to roughly $398 million in earnings by January 2, 2025.

The lawsuit coincides with Solana’s DeFi engagement nearing its peak of $9.5 billion in TVL, with present statistics at $9 billion.

Pump.fun has been the leader in token generation on Solana, contributing more than 70% of new tokens on select days.

After the announcement of legal actions, a meme token inspired by Burwick Law appeared, achieving a market cap of $700,000.