Protos
Protos
JTO-4.54%
SOL-5.36%
🚹 SOLANA, JITO, RICO @BurwickLaw escalated their @pumpdotfun lawsuit by naming @solanalabs & @jito_sol as defendants, accusing them of being "architects" and "coconspirators" in a $1.5B fraud. The suit now targets Solana Labs CEO @aeyakovenko and Jito CEO Lucas Bruder... đŸ§”
The lawsuit details how Lazarus Group used Pump Fun's "complete absence" of compliance to launch the "QinShihuang" memecoin and launder funds from the $1.5B Bybit hack. Within hours, the coin hit $26M trading volume, allowing Lazarus to convert stolen funds into $SOL.
Burwick claims Solana and Jito "are not bystanders to fraud" but active participants who provided the infrastructure and MEV tooling necessary to scale the operation. They accuse both companies of knowingly facilitating "illegal gambling and money transmission".
The amended suit now includes RICO charges, accusing all defendants of wire fraud and operating an unlicensed money-transmitting business. Burwick describes Pump Fun as a "pseudonymous online gambling system disguised as a decentralized token launch platform".
Meanwhile.. Pump Fun is losing its grip on the market. Daily token launches dropped below 10,000 (lowest in 10 months), rival Bonk Fun is stealing market share with $165M vs $41M daily volume, and $PUMP token has fallen 46% from its all-time high —
Protos
Protos
Burwick says Solana and Jito ‘co-conspired’ in $1.5B Pump Fun fraud
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