"U.S. Law Firm 'Wolf Popper' Targets Solana and Gate.io in Expanded Pump-and-Dump Lawsuits"

2025-07-24 07:46
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"U.S. Law Firm 'Wolf Popper' Targets Solana and Gate.io in Expanded Pump-and-Dump Lawsuits"

출처: Block Media

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U.S. Law Firms Broaden Legal Battle Against Pump.Fun, Add Solana Labs and Key Founders as Defendants

The legal showdown against the cryptocurrency platform Pump.Fun has escalated significantly. In a bold move, U.S.-based law firms Wolf Popper and Burwick Law have widened their lawsuit, targeting prominent blockchain entities. According to a report by Cryptopolitan on October 23, Solana Labs, the Solana Foundation, and blockchain optimization firm Jito are now listed as co-defendants in the case. Additionally, the lawsuit includes Solana's high-profile co-founders, Raj Gokal and Anatoly Yakovenko, as named defendants, marking a significant development in the fight against alleged misconduct within the crypto industry.

Expanded Lawsuit Highlights RICO and State Law Violations

In the amended lawsuit, filed this past Wednesday, Solana’s co-founders Yakovenko and Gokal find themselves accused of violating the Racketeer Influenced and Corrupt Organizations (RICO) Act—a critical U.S. law aimed at combating organized crime. The charges don’t stop there. Other senior Solana Foundation executives, including Dan Albert, Lily Liu, and Austin Federa, are also implicated. The expanded allegations span across multiple domains such as illegal gambling, financial fraud, intellectual property infringements, and unauthorized money transmission. Further, the lawsuit claims violations of New York's General Business Law, specifically Sections 349 and 350, which address fraudulent and deceptive practices.

Jito Labs Executives and Pump.Fun Leadership Under Fire

The legal action targets not only Solana’s ecosystem but also executives from Jito Labs. Brian Smith, Jito’s Chief Operating Officer, and Lucas Bruder, the company’s CEO, have been named as co-defendants alongside Pump.Fun’s founders—Dylan Kerler, Noah Bernhard, Hugo Tweedale, and Alon Cohen. In a statement posted on X (formerly Twitter), Burwick Law explained that the updated complaint sharpens its focus on RICO infractions, securities violations, and breaches of New York state laws.

“Our amended complaint expands the scope of RICO-related charges to include executives and key stakeholders associated with Pump.Fun, Solana, and Jito,” the firm stated. A key portion of the revised document accuses, “Solana Labs and Jito Labs of not merely turning a blind eye to fraudulent activities but actively architecting, benefiting from, and conspiring to perpetuate such schemes.”

Serious Financial Crime Allegations Against Pump.Fun

Pump.Fun also faces grave accusations of violating numerous U.S. financial crime laws. These include breaches of Section 311 of the Bank Secrecy Act, the USA PATRIOT Act, FinCEN’s regulations, money transmitter licensing requirements, and sanctions issued by the Office of Foreign Assets Control (OFAC). The plaintiff’s legal team has accused Pump.Fun of intentionally bypassing mandatory compliance measures such as verifying customer identities, monitoring suspicious activity, and maintaining robust anti-money laundering (AML) policies. These alleged lapses, the lawyers argue, facilitated heinous crimes, including money laundering, terrorism financing, and even human trafficking.

One particularly shocking claim within the lawsuit alleges that North Korea’s notorious Lazarus Group funneled $1.5 billion in stolen funds through Pump.Fun. The illicit activity reportedly utilized a meme-based cryptocurrency called “QinShihuang,” raising national and international security concerns.

Promoting Controversial Tokens, Trademark Violations, and Investor Exploitation

In addition to financial crimes, the updated lawsuit accuses Pump.Fun of fostering a dangerous ecosystem through the deliberate creation and promotion of exploitative tokens. These tokens, the complaint alleges, have been designed to fuel hate speech, violence, and societal exploitation. Furthermore, the platform has been accused of infringing upon trademark regulations.

The lawsuit builds upon a class-action effort filed earlier in June on behalf of PNUT meme coin investors, consolidating allegations of misconduct into a comprehensive legal case. According to the latest filing, “Pump.Fun wasn’t just facilitating meme coin trading; it was operating a massive illegal gambling and money transmission scheme under the guise of a marketplace.” The lawsuit estimates that Pump.Fun generated an astounding $722.85 million in revenue from these allegedly unlawful activities.

What's Next for the High-Stakes Lawsuit?

As the lawsuit progresses, the legal ramifications for Pump.Fun, Solana Labs, and Jito Labs could potentially reshape the regulatory landscape of the blockchain industry. The allegations, ranging from financial crimes to intellectual property violations and beyond, spotlight the need for greater accountability and oversight in the rapidly evolving crypto ecosystem. All eyes are now on the outcome of this expanding legal battle, which has drawn some of the biggest names in blockchain into the fray.


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