Pump.fun, a popular Solana-based launchpad known for memecoin projects, has delayed its public token sale once again, moving the event to mid-July from the originally scheduled June 25 date. This marks yet another postponement after multiple delays since early 2024, leaving users and investors uncertain about the platform's future.
The delays coincide with significant legal difficulties. A class action lawsuit was filed in January 2025 by Burwick Law alleging that Pump.fun operated as an unregistered securities exchange and engaged in systematic price manipulation of tokens issued through its platform. The lawsuit describes Pump.fun as running a pyramid scheme disguised within a viral meme coin economy, aiming to recover damages and impose an injunction against the platform's practices.
Additionally, a cease-and-desist order was issued in February by Burwick Law and Wolf Popper LLP regarding user-generated memecoins on Pump.fun infringing on trademarks and brand names, heightening the platform's legal risks.
Social media complications added to the turmoil, with Pump.fun and its founder’s official X accounts suspended briefly in mid-June without explanation, stirring speculation about regulatory intervention connected to the lawsuits. The accounts were restored a few days later, but uncertainty remains.
Pump.fun has expanded its legal defense team in response to these challenges, yet no clear timeline or explanation has been provided for the new auction date. The protracted delays and legal scrutiny have sparked debate within the Solana ecosystem about the sustainability and regulatory risks inherent in rapid memecoin launches. Industry observers note the lawsuits’ outcomes may set key precedents for other meme-focused crypto platforms navigating compliance issues.