In a bizarre twist to an ongoing legal battle, the law firm behind a proposed class action lawsuit against memecoin factory Pump.Fun is now demanding the platform remove tokens that allegedly mock and impersonate the firm. Burwick Law, which filed the suit in January alleging widespread securities fraud by Pump.Fun, says these satirical coins are an attempt to “intimidate our clients and interfere with ongoing litigation.”
Memecoins Mocking the Plaintiffs?
The controversy centers around several tokens launched on Pump.Fun that Burwick Law claims were designed to disparage the firm and disrupt its case. Most notably, a Solana-based memecoin called “DOGSHIT2” which has surged nearly 200% since its launch, according to CoinGecko data.
While the connection between a law firm and a crudely-named dog-themed token may seem tenuous, Burwick Law says references tying the coin to one of its wallets were found in exhibits the firm had previously filed against Pump.Fun. Those filings sought to demonstrate the ease of issuing tokens on the platform.
“Our firms have no affiliation, endorsement, or ownership interest in the Dogshit2 token or any related assets. Simply put, our firms have not launched any memecoins on-chain.”
Burwick Law statement on X (formerly Twitter)
A Tool for “Disrupting Justice”?
In a post on X, Burwick Law accused Pump.Fun of creating tokens to “intimidate our clients and interfere with ongoing litigation,” adding that “these acts represent the use of blockchain technologies as a tool for disrupting justice and due process.”
The firm is demanding that Pump.Fun immediately remove the offending tokens. It’s unclear what legal basis, if any, Burwick Law has to compel their removal, given the decentralized nature of blockchain assets. But the incident highlights the increasing intersection of crypto and the courts.
Ongoing Securities Fraud Allegations
The memecoins are just the latest salvo in Burwick Law’s dispute with Pump.Fun. In January, the firm proposed a class action suit on behalf of investors, alleging the platform was engaged in the unregistered offering of securities and misleading promotion practices.
- The suit claims Pump.Fun makes it trivially easy to issue tokens with a few clicks
- Burwick alleges many of these tokens are unregistered securities
- The complaint also targets Pump.Fun’s promotion of “pump and dump” schemes
Pump.Fun has not publicly responded to the suit, but appears to be striking back with cheeky token launches. Whether this trolling tactic will hold up in court is questionable, but it’s certainly ratcheted up the drama in this case.
The New Battlefield of Blockchain Litigation?
As crypto weaves its way deeper into the financial and cultural mainstream, legal showdowns like the one between Burwick Law and Pump.Fun could become more commonplace. The technology’s novel features, from pseudonymous transactions to the ease of asset issuance, pose unique challenges for traditional legal frameworks.
But if this case is any indication, lawyers are becoming savvier about navigating and applying existing laws to the crypto frontier. At the same time, some blockchain projects are proving willing to push back, wielding memes and tokens in their defense, perhaps testing the limits of legal norms.
The DOGSHIT2 coin’s 200% rise amid the controversy could be seen as the market weighing in on the merits of the case, or just crypto traders’ proclivity for meme-driven speculation.
As the lawsuit proceeds, it will be closely watched not just by aggrieved investors and memecoin fans, but legal scholars and blockchain builders grappling with how the technology fits into existing legal and regulatory structures. The outcome could set important precedents for the maturing crypto industry.
For now, Burwick Law will have its hands full untangling its likeness from crudely-named canine-themed coins. Their fight to rid crypto of alleged fraud will play out both in the courtroom and on the blockchain itself, in a case that underscores the technology’s disruptive impact on industries far beyond finance.
Pump.Fun has not publicly responded to the suit, but appears to be striking back with cheeky token launches. Whether this trolling tactic will hold up in court is questionable, but it’s certainly ratcheted up the drama in this case.
The New Battlefield of Blockchain Litigation?
As crypto weaves its way deeper into the financial and cultural mainstream, legal showdowns like the one between Burwick Law and Pump.Fun could become more commonplace. The technology’s novel features, from pseudonymous transactions to the ease of asset issuance, pose unique challenges for traditional legal frameworks.
But if this case is any indication, lawyers are becoming savvier about navigating and applying existing laws to the crypto frontier. At the same time, some blockchain projects are proving willing to push back, wielding memes and tokens in their defense, perhaps testing the limits of legal norms.
The DOGSHIT2 coin’s 200% rise amid the controversy could be seen as the market weighing in on the merits of the case, or just crypto traders’ proclivity for meme-driven speculation.
As the lawsuit proceeds, it will be closely watched not just by aggrieved investors and memecoin fans, but legal scholars and blockchain builders grappling with how the technology fits into existing legal and regulatory structures. The outcome could set important precedents for the maturing crypto industry.
For now, Burwick Law will have its hands full untangling its likeness from crudely-named canine-themed coins. Their fight to rid crypto of alleged fraud will play out both in the courtroom and on the blockchain itself, in a case that underscores the technology’s disruptive impact on industries far beyond finance.
