- Pump.fun co-founder Alon has denied rumors of an upcoming token launch and IPO
- The Lawsuit Served to Pump.fun over the launch of DOGSHIT2 Token
Alon, Co-founder of Pump.fun came out to clarify circulating rumors about a token launch and initial public offering (IPO), calling the reports inaccurate.
Feb 9th a certain crypto news platform shared a post on x that Pump.fun has launched its own memecoin token $PUMP. The post claimed that the token was launched to give “hodlers” exclusive access to platforms. “PumpFun is distributing a substantial airdrop to attract users and boost engagement”.
The social media post further claimed that this tokenization would help the platform position itself at the forefront in the Defi space and also give substantial value to token holders.
The Co-founder Denies Rumours of Token Launch
Co-founder Alon Cohen, also shared a post on x to debunk the token launch rumour. He said that his team is focused on improving the products on pump.fun, and are also committed to rewarding users properly. “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”.
He further emphasized on the need to be patient saying “good things take time!”
Despite Alon’s denial of a token launch, WuBlockchain shared a post on x accusing Pump.fun of misleading the public as it releases reports that revealed a token distribution strategy to benefit insiders.
According to the documents, early investors were set to receive 22.05% of token supply, while the team would control 25%, with a one-year lockup and a gradual monthly release over the next three years. It further claims that Pump.fun has generated over $572 million in transaction fees, with $386.8 million transferred to Kraken. However, there has been no official confirmation to back up the claims.
Lawsuit suit over DOGSHIT2 Token
Earlier in January, Burwick Law and Wolf Popper LLP served Pump.fun a lawsuit due to impersonation of their firm and mislead of investors. Burwick Law condemned these actions, and determined to work with authorities to pursue legal action. Burwick Law announced this in a post on x that both firms have filed a class-action lawsuit against Pump.fun and they demand the immediate removal of the tokens because it was posted using their names and logos without authorization.
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