Solana Labs and Jito Labs served Pump Fun lawsuit
Solana Labs and Jito Labs have been served with a lawsuit accusing the two firms of acting as “co-conspirators” in memecoin platform Pump Fun’s alleged $1.5 billion illegal casino enterprise.
Legal firm Wolf Popper, which filed the lawsuit alongside fellow legal firm Burwick Law last month, served the defendants this week. Defendants will now have 21 days to file a response or motion.
Alongside the two crypto firms, Solana Foundation’s General Counsel, Yelena Cavanaugh, Executive Director, Dan Albert, and Head of Communications, Austin Federa, have also been served.
Read more: Pump Fun judge questions Burwick Law’s need for two lawsuits
Solana Foundation and Jito Foundation are yet to be served, alongside various other executives, including: Jito CEO and COO Lucas Bruder and Brian Smith, Solana Foundation President Lily Liu, and co-founders Anatoly Yakovenko and Raj Gokal.
Two lawsuits against Pump Fun and its team, Alon Cohen, Dylan Kerler, and Noah Tweedale, previously didn’t include the likes of Solana and Jito, but have since been merged and updated to include the new defendants.
The lawsuit paints the two crypto firms as integral to Pump Fun’s enterprise as it takes advantage of their blockchain infrastructure. It further alleges that the firms work in tandem to avoid security laws, scale up Pump Fun’s operation, and avoid consumer protections.
As for Pump Fun itself, the lawsuit accuses it of facilitating the laundering of $1.5 billion worth of crypto stolen from the ByBit crypto exchange.
Pump Fun’s execs were initially late to hire legal representation after they were served and almost missed a deadline to file a response.
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