Crypto-focused legal firm Burwick Law has teased the launch of another 15-20 investigations, adding to its 60+ ongoing investigations into the likes of Hawk, Libra, and Pump Fun.
Of these investigations, at least 11 have become individual and class action lawsuits, including actions against Libra, Pump Fun (aka Baton Corp), promoters of Hawk, Game of Silks, Meta Eagle Club, Jenner, Eden Gallery, Midnight Hub and Roooms.TV, and STAKX.
On top of these, tokens including dogwifhat (WIF), Vine (VINE), and Just a Chill Guy (CHILLGUY) are currently under scrutiny by Burwick Law.
Of Burwick Law’s 60+ investigations, at least 11 have become individual and class action lawsuits.
Read more: Burwick Law founder likely behind Pump Fun memecoin, report
At the heart of many of these lawsuits is the memecoin platform Pump Fun. Burwick Law accuses the platform of facilitating “pump-and-dump” schemes and making half a billion dollars through the sale of “highly-volatile unregistered securities.”
Within one lawsuit exhibit, Burwick Law claims Pump Fun has become “a magnet for terrorist financing, drug trafficking, and other transnational crimes.” The firm alleges Pump Fun is contradicting its terms of service and “operating in clear violation” of various money laundering regulations.
North Korean hackers attempting to launder $1.5 billion stolen from crypto exchange Bybit reportedly created a Pump Fun memecoin, while analysts Lookonchain claim that insiders from the launch of Javier Milei’s Libra token are doing the same.
Read more: Burwick Law chief refuses to comment on Dogshit2 memecoin
As Burwick Law continues its legal action against Pump Fun, public enthusiasm for memecoins is also starting to fade. On Pump Fun, the daily volume for graduated token launches has reportedly dropped by 94% from January highs of $3 billion to just $170 million.
According to @hashed_official’s Dune analytics, the number of deployed tokens has fallen 83% from a January high of 71,738 deployed tokens to 12,036 tokens today.
