Crypto-focused authorized agency Burwick Regulation has teased the launch of one other 15-20 investigations, including to its 60+ ongoing investigations into the likes of Hawk, Libra, and Pump Enjoyable.
Of those investigations, not less than 11 have turn into particular person and sophistication motion lawsuits, together with actions towards Libra, Pump Enjoyable (aka Baton Corp), promoters of Hawk, Recreation of Silks, Meta Eagle Membership, Jenner, Eden Gallery, Midnight Hub and Roooms.TV, and STAKX.
On prime of those, tokens together with dogwifhat (WIF), Vine (VINE), and Only a Chill Man (CHILLGUY) are presently below scrutiny by Burwick Regulation.
Of Burwick Regulation’s 60+ investigations, not less than 11 have turn into particular person and sophistication motion lawsuits.
On the coronary heart of many of those lawsuits is the memecoin platform Pump Enjoyable. Burwick Regulation accuses the platform of facilitating “pump-and-dump” schemes and making half a billion {dollars} by way of the sale of “highly-volatile unregistered securities.”
Inside one lawsuit exhibit, Burwick Regulation claims Pump Enjoyable has turn into “a magnet for terrorist financing, drug trafficking, and other transnational crimes.” The agency alleges Pump Enjoyable is contradicting its phrases of service and “operating in clear violation” of assorted cash laundering laws.
North Korean hackers trying to launder $1.5 billion stolen from crypto trade Bybit reportedly created a Pump Enjoyable memecoin, whereas analysts Lookonchain declare that insiders from the launch of Javier Milei’s Libra token are doing the identical.
As Burwick Regulation continues its authorized motion towards Pump Enjoyable, public enthusiasm for memecoins can also be beginning to fade. On Pump Enjoyable, the each day quantity for graduated token launches has reportedly dropped by 94% from January highs of $3 billion to only $170 million.