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Pump.fun Faces $5.5B RICO Lawsuit
Comprehensive overview of the class action lawsuit against Alon Cohen, Pump.fun, and Baton Corporation Ltd. alleging securities fraud, illegal gambling, and racketeering violations.
Case Overview
Court & Jurisdiction
U.S. District Court for the Southern District of New York
Primary Case
Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun et al.
Law Firms
Burwick Law and Wolf Popper representing plaintiffs
Named Defendants
Pump.fun Co-Founders
Alon Cohen
Co-founder & Control Person
Dylan Kerler
Co-founder & Control Person
Noah Bernhard Hugo Tweedale
Co-founder & Control Person
Corporate Entity
Baton Corporation Ltd.
UK-based operator of Pump.fun platform
Infrastructure Co-Conspirators
Solana Labs
Anatoly Yakovenko, Raj Gokal
Solana Foundation
Dan Albert, Lily Liu, Austin Federa
Jito Labs
Lucas Bruder, Brian Smith
Jito Foundation
Named Entity
Legal Allegations
Racketeering Enterprise
- •Coordinated racketeering enterprise allegation
- •Operating as unlicensed digital casino
- •Violations of RICO Act provisions
Securities Fraud
- •All memecoins deemed unregistered securities
- •Violations of Securities Act of 1933
- •Sections 5 and 12(a)(1) violations
Illegal Gambling Operations
- •Platform operates as unlicensed zero-sum gambling
- •Structurally rigged environment for traders
- •Front-facing slot machine cabinet analogy
Wire Fraud & Deception
- •Wire fraud allegations
- •False advertising and deceptive practices
- •New York consumer law violations
Unlicensed Operations
- •Unlicensed money transmission scheme
- •Bank Secrecy Act implications
- •Lazarus Group laundering over $1M through platform
Other Violations
- •Trademark infringement
- •Civil conspiracy
- •Unjust enrichment
Alleged Platform Operations
Key Allegations About Pump.fun
Plaintiffs allege that Pump.fun operates as a sophisticated platform for mass-producing and promoting tokens without adequate disclosure or investor protections.
Structurally Rigged Environment
The platform allegedly creates an environment where anonymous launching and trading occurs with priority access for insiders and bots, disadvantaging retail investors.
Bonding-Curve Pricing
The complaint highlights the automated bonding-curve pricing mechanism as part of the allegedly manipulative system.
Anonymous Wallet Access
Platform allows anonymous wallet access without proper KYC/AML controls, facilitating potential money laundering activities.
Case Timeline
Carnahan Case Filed
Carnahan v. Baton Corporation Ltd. (Case No. 1:25-cv-00490) filed specifically concerning investors who purchased the $PNUT Token.
Aguilar Case Filed
Primary class action lawsuit Aguilar v. Baton Corporation Ltd. filed alleging unregistered securities violations under the Securities Act of 1933.
Consolidated Amended Complaint
Expanded complaint filed adding RICO allegations and naming Solana Labs, Solana Foundation, Jito Labs, and their executives as co-conspirators. Damages estimated at $4B-$5.5B.
$4B - $5.5B
Alleged user losses from memecoin activity on Pump.fun and related venues, as claimed by plaintiffs in the lawsuit.
Social Media Silence
Why Alon Cohen has stopped tweeting
Given the severity and scope of the legal proceedings, Alon Cohen and the other co-founders are likely operating under strict legal advisement regarding public communications.
In cases involving RICO allegations, securities fraud, and billions of dollars in damages, defendants typically avoid any public statements or social media activity that could:
- •Be used as evidence in court proceedings
- •Influence potential jury members or witnesses
- •Contradict legal strategies or official statements
- •Violate court-imposed communication restrictions
Legal advisors typically instruct defendants to maintain complete silence on social media and avoid any public discussion of the case or related matters until litigation concludes.