ZachXBT dismisses Pump Fun lawsuit potential victims, Source: Protos
s less than 0.002% of Pump.fun memecoins succeed
According to ZachXBT, the potential plaintiffs in the Pump Fun lawsuit are not true victims but rather “degenerate gamblers” who willingly engaged in risky investments. This statement was in response to Burwick Law’s intention to take legal action on behalf of Pump Fun investors who suffered losses due to investments in memecoins, rugs, and unfulfilled promises.
Burwick Law argued that memecoins are susceptible to manipulation and cannot be compared to regulated gambling. In a rebuttal, ZachXBT suggested that if frivolous lawsuits arise, he may release a tutorial on how to anonymously fund addresses on-chain to create chaos and make it difficult for legal action to be taken.
Max Burwick, the managing partner of Burwick Law, contended that memecoins do not fall under traditional gambling practices. ZachXBT, known for his work in uncovering scams and money laundering schemes, maintains that he does not wish to assist individuals who knowingly took risks in the memecoin market.
Burwick Law, a firm specializing in cryptocurrency litigation, is also handling the lawsuit against the failed Hawk Tuah crypto project. The firm expressed concern over Pump Fun’s controversial content and the anonymity of its founder, known only by the pseudonym “Alon.”
The platform, which was effectively banned in the UK, faced criticism for its live-streaming feature, which was later suspended indefinitely. Despite acknowledging the importance of transparency in the industry, Pump Fun’s creator chose to remain anonymous, raising accountability issues.
In conclusion, the debate surrounding Pump Fun and memecoins highlights the blurred lines between investment opportunities and gambling in the cryptocurrency space. While some view investors in memecoins as victims deserving of legal protection, others like ZachXBT argue that they willingly took on the risks associated with speculative investments. As the legal proceedings unfold, the implications for the broader cryptocurrency market remain to be seen.
