why trust img

Why Trust Web3Bet

Our team of experts has independently reviewed and evaluated all the products and services featured on this page to ensure you receive accurate and reliable information

A newly amended class‑action complaint in the Southern District of New York claims Pump.fun and key Solana‑linked entities ran an unlicensed digital casino that siphoned billions from retail traders.

RICO Roulette: Lawsuit Targets the Entire Solana Universe

Filed 24 July by Burwick Law, the 97‑page complaint names Pump.fun, Solana Labs, the Solana Foundation, Jito Labs, Jito Foundation and more than a dozen executives, accusing them of operating a racketeering enterprise that resembles an online slot machine.

Slot‑Machine Logic: How Pump.fun Turns Tokens Into Bets

Plaintiffs say Pump.fun’s bonding‑curve pricing, anonymous wallet access and “priority trading for insiders and bots” turn meme‑coin launches into a zero‑sum wager where average users are statistically doomed to lose. The suit likens the front‑end interface to a “slot‑machine cabinet” mass‑producing tokens with no disclosures or identity checks. 

Charge Sheet Heavyweights: RICO, Wire Fraud, Unlicensed Gambling

The action invokes the Racketeer Influenced and Corrupt Organizations Act, alleging illegal gambling, unlicensed money transmission, wire fraud, false advertising and sale of unregistered securities. Estimated user losses range from $4 bn to $5.5 bn, based on on‑chain data cited in the filing.

Following the Money: Why Solana and Jito Land in the Crosshairs

The complaint argues that Solana entities profited from block‑space fees and SOL appreciation, while Jito’s MEV tooling allegedly enabled front‑running. Plaintiffs contend these infrastructure providers were active participants, not neutral rails.

Serial Suers: Burwick Law Doubles Down on Meme‑Coin Cases

The firm previously sued Pump.fun over the PNUT token collapse and has filed actions tied to Hawk Tuah and $LIBRA, the meme coin promoted by Argentina’s president. Legal observers caution that the new case remains untested and could face early dismissal motions.

First Cards on the Table: Will the Judge Deal a Dismissal or Discovery?

Defendants have not yet commented. The court will first decide on motions to dismiss; if the case proceeds, discovery could set precedent for how U.S. law treats meme‑coin launchpads and underlying blockchains in alleged gambling schemes.

Source: https://decrypt.co/331528/solana-pump-fun-amended-rico-suit-alleging-meme-coin-gambling