As per AMBCrypto, a federal court has approved a class-action lawsuit against Pump.fun, Solana Labs, and other Solana-linked projects, accusing them of market manipulation. The lawsuit targets Solana’s high-speed network, alleging that its infrastructure enabled insider advantages in memecoin trading. The top 10 holders control around 70% of PUMP’s circulating supply, raising concerns about retail investors being sidelined. The case could have broader implications for the Solana ecosystem.
Solana Faces Legal Scrutiny Over Pump.fun and Memecoin Market Manipulation
AMBCryptoShare
Summary
A federal court has approved a class-action lawsuit against Pump.fun, Solana Labs, and related projects, citing **liquidity and crypto markets** imbalances. The case accuses the network of enabling insider advantages in memecoin trading. The top 10 holders control 70% of PUMP’s supply, raising concerns over retail investors. The legal action could impact Solana’s ecosystem and raise questions about **Countering the Financing of Terrorism** compliance in decentralized trading platforms.
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