Traders who have suffered losses and sued pump.fun are still using the platform
ChainCatcher news reports that in a recent lawsuit filed by the law firm Burwick Law against pump.fun, the main plaintiff was found to have lost $231 while trading PNUT. However, tracking the trader's address shows that he incurred a total loss of $49,535 from other transactions on pump.fun, indicating that he continued to use the site after filing the lawsuit.It is understood that pump.fun is led by 21-year-old CEO Noah Bernhard Hugo Tweedale, who co-founded the platform with 21-year-old CTO Dylan Kerler and 23-year-old COO Alon Cohen, who operates under a pseudonym. The lawsuit names these three individuals as well as the operator of pump.fun, Baton Corporation, as defendants. According to online documents, Baton Corporation was established in March 2023 and is located in a business park in Bury St. Edmunds.The lawsuit was filed on behalf of a group of PNUT purchasers, but nonetheless, the leading investor in the lawsuit, Kendall Carnahan, is the only designated plaintiff in the case. The lawsuit also claims that pump.fun sold and offered PNUT as unregistered securities, but emphasizes that there are no allegations of fraudulent intent against Baton Corporation, while seeking a trial by jury and requesting an economic amount for the plaintiffs, which will be determined during the trial.