Odaily Planet Daily News In the lawsuit filed by law firm Burwick Law against pump.fun recently, its main plaintiff was proved to have lost $231 when trading PNUT. However, tracking the trader's address showed that he lost a total of $49,535 in other transactions on pump.fun, indicating that he was still using the site after the lawsuit was filed.
It is understood that pump.fun is led by 21-year-old CEO Noah Bernhard Hugo Tweedale, who co-founded the platform with 21-year-old CTO Dylan Kerler and 23-year-old pseudonymous COO Alon Cohen. The lawsuit lists the three people and pump.fun's operator Baton Corporation as defendants.
According to online documents, Baton Corporation was established in March 2023 and its offices are located in a business park in the town of Bury St. Edmunds.
The lawsuit was filed on behalf of a group of PNUT buyers, but despite this, Kendall Carnahan, the investor who led the lawsuit, is the only named plaintiff in the case.
The lawsuit also alleges that pump.fun sold and offered PNUT as an unregistered security, but emphasizes that it does not allege that Baton Corporation had fraudulent intent, while seeking a jury trial and a monetary award to the plaintiff that will be determined at trial. (Protos)