- Pump.Fun’s $ 4B token sale was again delayed, now again planned for mid-July.
- The platform is confronted with a Class Action right case on alleged price manipulation and violations of the securities legislation.
- X Suspended pump.fun’s accounts days before the auction delay, so that more uncertainty is added to the timeline of the project.
The planned public token sale for the Solana-based Memecoin Launchpad Pump.Fun has been again postponed, whereby the team is now aiming for a launch of mid-July, according to sources that are cited by Wu Blockchain. The platform was originally expected to keep the auction on 25 June, with the aim of collecting $ 1 billion in a rating of $ 4 billion.
The delay follows a series of postponement that started last year when the platform announced for the first time plans to spend and auction tokens. Since then, the schedule has shifted several times, without a clear explanation for the most recent change. However, the suspension corresponds to the growing legal control and platform -related disruptions.
Legal challenges of Burwick Law
Pump.Fun is currently confronted with legal steps in several areas of law. On January 15, Burwick Law filed a Class Action right case, in which the project accused of violating securities laws and manipulating markets. The company claimed pump. Fun has blown up the token prices to improve insiders, which led to a significant loss of investors. Max Burwick, the founder of the company, labeled the platform as “the ultimate evolution of marketing scam on multiple levels.”
In February Burwick Law worked with Wolf Popper LLP to publish a cease -and -S -S -letter, aimed at pump. Fun about repeated intellectual property violations. Many of the memecoins created by the user on the site are reportedly unauthorized logos and brand names.
X Suspension contributes to controversy
The pressure increased when X suspended the official accounts of Pump.Fun and the founder on 16 June. Although the accounts were recovered days later, neither of them offered a reason for the temporary ban.
Various other crypto platforms were also confronted with similar account suspensions for the same period, so questions were raised about coordinated actions or moderation triggers.
Private sale is reportedly continuing
Despite the delay in the public auction, the Pump.Fun team is said to have started selling token allocations to various private crypto funds. This indicates that private fundraising rounds are underway, even if the public sale continues.
Related: Pump.Fun is not dead, it just picked up millions
The Pump.Fun team has not yet released a formal statement explaining the reason for the last delay whether the details of the current legal challenges are tackling.
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