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Pump.fun and Solana ecosystem partners have been accused of illegally operating a meme coin casino that caused investor losses of up to $5.5 billion.
A suit filed by Burwick Law with the Southern District of New York yesterday accused Pump.fun, Solana Labs, the Solana Foundation, Jito Labs and the Jito Foundation of running an unlicensed digital casino.
“At the center of this enterprise is Pump.fun, a platform presented to users as a fair and decentralized system for launching and trading meme coins on the Solana blockchain,” it said. “In truth, Pump.fun is merely the front-facing slot machine cabinet, operated as part of a broader illegal gambling and money transmission scheme.”
Plaintiffs Argue Meme Coin Trading Is Rigged
The plaintiffs made the claims under the Racketeer Influenced and Corrupt Organizations (RICO) Act.
The suit names over a dozen defendants, which includes executives from Pump.fun and its ecosystem partners. Solana founder Anatoly Yakavenko was also named.
Pumpdotfun Litigation Update
Burwick Law, on behalf of plaintiffs, filed a new complaint in federal court in the Southern District of New York alleging RICO claims against Anatoly Yakavenko, Raj Gokal, Dan Albert, Lily Liu, Austin Federa, Solana Labs, Solana Foundation, Alon…
— Burwick Law (@BurwickLaw) July 23, 2025
According to the suit, which cited on-chain transaction and trade data, user losses across Pump.fun and the other platforms range between $4 billion and $5.5 billion.
That, according to the plaintiffs in the suit, stems from the ability for anyone to launch and trade tokens anonymously in an environment that enables “unlicensed, zero-sum gambling where the odds are overwhelmingly against the average participant.”
Burwick Law Has A History Of Filing For Crypto Lawsuits
This complaint against Pump.fun is not Burwick Law’s first crypto-related lawsuit.
At the start of the year, it filed a separate suit against the Solana meme coin platform relating to the collapse of the Peanut The Squirrel (PNUT) meme coin. It alleged that the crypto was fraudulently promoted by influencers.
The law firm also filed on behalf of plaintiffs tied the to collapsed Hawk Tuah token, as well as the creators of the Libra token.
Pump.fun’s PUMP token has plummeted more than 22% in the past 24 hours and Solana is down almost 2.5% as of 10:42 a.m. EST.
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