The recent postponement of Pump.fun has unsettled its investors. This Solana-based memecoin launchpad initially planned to raise $1 billion at a valuation of $4 billion starting June 25. However, the team has now indicated that the token sale will be delayed until mid-July.
There is currently no specific reason provided for the delay, leaving users anxious. Investors who have been waiting for months are questioning whether they will ever receive tokens in their wallets. The announcement on June 20 revealed that Pump.fun had initially hinted at the $1 billion fundraising goal, but now the launchpad is targeting mid-July for the sale, marking at least a 10-day delay. This unexpected shift has amplified user frustration, particularly in online forums where some participants criticize the core team for inadequate communication.
In related developments, a class action lawsuit was filed against Pump.fun by Burwick Law on January 15. The lawsuit claims that the platform functioned as an unregistered securities exchange and allegedly inflated token prices to attract retail investors. According to the allegations, many users experienced significant losses after the initial hype subsided, with Max Burwick, the firm's founder, describing the platform as "a modern pyramid scheme disguised as a viral meme economy."
Additionally, reports from February indicated that Burwick Law, in collaboration with Wolf Popper LLP, issued a cease-and-desist order against Pump.fun. They contend that various user-generated memecoins on the platform violate trademark rights, creating further legal challenges. Projects associated with well-known brands or franchises have faced takedown notices as a result. While Pump.fun has stated that it is enhancing its legal team, it has not disclosed specific strategies for addressing these trademark disputes.
In another troubling incident, on June 16, Pump.fun’s official accounts on X were abruptly suspended without notice. An X user named Otto documented over 30 accounts that were deactivated, including those linked to GMGN and Bloom trading groups. Although the accounts were reactivated after a few days, no explanation was provided for the suspensions. Some users speculate that regulatory bodies may have prompted the action, while others believe it could be the result of trademark owners exerting pressure. This incident has fueled discussions regarding potential external influences on the platform.
