Pump.fun Private messages between the founder of the lawsuit exposed, admitting that "most users suffered losses"

According to Mars Finance, law firm Burwick Law has filed an amended lawsuit on behalf of retail investors against Pump.fun, Solana Labs, and related executives. Previously, a judge allowed the plaintiffs to file a second amended lawsuit, adding 5,000 private messages as new evidence, accusing them of orchestrating a "pump and dump" scam. The lawsuit reveals that Pump.fun co-founder Alon Cohen admitted in private messages that most investors on the platform lost money, stating, "We made it easy for ordinary people to trade small cryptocurrencies with a market capitalization of less than $50,000, but this also exposed everyone to an extremely low probability of winning, like gambling." The lawsuit also alleges that some crypto KOLs were paid to promote meme coins without disclosing their vested interests and were given advance notice of the purchase targets. However, the article points out that the evidence in the lawsuit is largely hearsay, lacking concrete evidence of Pump.fun executives directly profiting, and remains skeptical of the "criminal organization" allegations.