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Bitcoin

ZachXBT says potential Pump Fun plaintiffs aren’t actual victims

By admin
0 48

ZachXBT says potential Pump Fun plaintiffs aren’t actual victims

Crypto sleuth ZachXBT has told the US law firm planning legal action against memecoin platform Pump Fun that its clients are “degenerate gamblers” and shouldn’t be seen as victims or investors.

The comment was made via X in response to Burwick Law’s announcement on Wednesday that it was pursuing legal action on behalf of Pump Fun investors who have lost big to “memecoins, rugs, and unfulfilled promises.”

ZachXBT said, “? degenerate ? gamblers ? willingly ? choosing ? to ? gamble ? on ? micro-cap ? meme ? coins ? are ? not ? actual ? victims ? or ? investors ?”

Burwick duly responded, claiming that memecoins are open to manipulation and aren’t comparable to regulated gambling. ZachXBT added if “silly lawsuits” arise, “perhaps I need to release a tutorial for people to fund addresses anonymously on-chain to cause chaos and make it harder for them to be sued.”

ZachXBT is a prominent crypto investigator who has helped uncover a $243 million social engineering scam and the laundering efforts of North Korea-linked Lazarus Group.

He’s repeatedly stated that he doesn’t want to help “memecoin gamblers” who’ve been rugged, as their choices were made willingly while knowing the risks.

Burwick Law specializes in cryptocurrency litigation and is also leading the lawsuit against the failed Hawk Tuah crypto project.

In its Pump Fun announcement, the firm criticized the platform’s controversial content and anonymous founder.

It said, “The creator of [Pump Fun] has chosen to remain anonymous, despite acknowledging the importance of transparency in scaling and retail engagement, which raises serious concerns about accountability.”

Pump Fun’s creator goes by the pseudonym “Alon” and the platform was launched almost a year ago. The UK effectively banned Pump Fun last December and it also received criticism for its live-streaming feature that was later dropped for an ​​“indefinite time period.”

Protos has reached out to Burwick Law and ZachXBT for comment.

Quotes in bold are our emphasis. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

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