The meme coin platform pump.fun has changed the date for its token sale, during which it plans to raise up to $1 billion. Instead of June 25, 2025, the public token sale has been tentatively moved to mid-July. The reason for this decision stems from legal difficulties and account blocking on social media, which has intensified pressure on the project team.
This is reported by Finway
Legal Pressure and Class Action
The greatest threat to the platform comes from a class action lawsuit by the law firm Burwick Law. The lawyers from this firm accuse pump.fun of violating securities legislation and artificially manipulating meme coin prices, describing the project as a new form of “MLM scheme.” They also stated their intention to “protect retail traders from unfair practices” and have already gathered hundreds of claims from affected individuals.
“Protect retail traders from unfair practices,” and have already gathered hundreds of claims from affected individuals.
In addition, Burwick Law has filed separate claims regarding copyright infringement, as users’ meme coins often copy well-known logos, which could lead to lawsuits from rights holders. In February 2025, the lawyers sent pump.fun an official notice of intellectual property infringement, after which the platform intensified content moderation. This issue has been brought to court for consideration.
Social Media and Investor Behavior
Additional pressure on pump.fun was caused by the temporary blocking of the platform’s accounts and its co-founder Alon Cohen’s account on social media X (formerly Twitter) on June 16. The accounts were restored shortly after, and the project explained the incident as a “technical content review.” However, such events have heightened investors’ concerns about potential future sanctions.
Despite the difficulties, demand for the tokens remains high among potential investors. However, due to legal risks and challenges in finalizing the details of the token sale, the platform team is unable to complete preparations for the launch of the sale.
It was previously reported that 93 out of the 100 largest wallets on pump.fun turned out to be bots, which also raised concerns in the cryptocurrency community.