In New York on Wednesday, law firms Burwick Law and Wolf Popper widened their lawsuit against memecoin creator Pump.Fun to name key figures and organisations in the Solana network.
The amended complaint targets the Solana Foundation, Solana Labs, Jito, and top executives, including Anatoly Yakovenko, Raj Gokal, Dan Albert, Lily Liu and Austin Federa.
The firms allege the group ran a coordinated racketeering scheme linked to illegal gambling, wire fraud, intellectual property theft and unlicensed money transmission.
RICO and Financial Crime Claims
The complaint centers on violations of the Racketeer Influenced and Corrupt Organisations Act. Under RICO, prosecutors can consolidate a series of crimes into a single case.
Burwick Law’s filing claims Pump.Fun operated without anti–money laundering controls, exposing the public to money laundering, terrorist financing and sex trafficking risks.
The filings say Pump ignored identity checks, failed to flag suspicious transactions and lacked any formal AML program.
The suit argues Pump’s lax rules helped North Korea–linked hackers known as the Lazarus Group launder part of the $1.5 billion stolen in the Bybit hack. According to the complaint, the hackers used Pump to launch a token called “QinShihuang” and wash illicit funds through memecoin trades.
Key Individuals Named
Alongside the platform’s three co‑founders, Alon Cohen, Dylan Kerler and Noah Bernhard Hugo Tweedale, the lawsuit points to Solana’s co‑creators Anatoly Yakovenko and Raj Gokal.
It also names Solana Foundation Executive Director Dan Albert, President Lily Liu and former communications head Austin Federa. From Jito, CEO Lucas Bruder and COO Brian Smith face the same charges.
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“At every level, from token design to fee extraction to infrastructure maintenance, Solana Labs and Jito were knowing, intentional participants,” the plaintiffs wrote. “They are not bystanders to fraud. They are its architects, beneficiaries and co‑conspirators.”
Additional Legal Counts
Beyond RICO, the lawsuit raises securities violations and New York’s General Business Law sections 349 and 350. It accuses Pump.Fun of copyright and trademark infringement and of profiting from hate speech and violent themes to drive trading volume.
The firm’s note Pump.Fun earned $722.85 million through its “illegal gambling enterprise,” using a bonding curve that they say traps users in a rigged system. The complaint alleges Jito intercepted winning spins on the platform, diverting profits to the highest bidder.
In June, Judge Colleen McMahon merged this case with an earlier class action brought by PNUT memecoin investors. Lead plaintiffs Diego Aguilar, Kendall Carnahan and Michael Okafor now represent a broader group of affected users.
Defendants’ Response
Pump’s parent company, the UK‑based Baton Corporation, and the Solana Foundation did not reply when contacted. A Jito representative declined to comment.
Last month, Pump hired Brown Rudnick to defend against the claims. Its legal team includes crypto attorney Stephen D. Palley and former SEC investigator Daniel L. Sachs.
Broader Impact on Crypto Sector
This lawsuit highlights growing scrutiny of memecoin platforms and blockchain projects that lack clear oversight. Regulators and courts are closely monitoring how decentralised systems manage customer funds and ensure compliance.
Legal experts say a ruling against Pump and its partners could set a precedent for holding developers and network operators liable for user losses and illicit activity.
Also Read: Former Pump.fun Developer Jailed After $2 Million Fraud And Breaching Bail Conditions