This is a bizarre and humorous story of how a law firm that sued Pump.fun for allegedly issuing illegal securities ended up issuing one themselves. While covered by CoinDesk and CoinTelegraph, the incident remains relatively unknown. All information is publicly verifiable online.

Background

The story began with a CoinDesk article detailing a class-action lawsuit against Pump.fun for alleged securities violations: CoinDesk Article

The law firm leading the case sought to prove that memecoins are worthless. To demonstrate this, they created their own token, an action documented in Step 10 of the court filing under the username bigbl: Court Filing

However, the crypto community quickly identified this user on Pump.fun: Pump.fun Token Link under the username bigbl.

Unexpectedly, people started buying the token, driving its value as high as $23 million in market cap, before stabilizing at around $2 million.

The Ironic Twist

By arguing that all Pump.fun tokens are illegal securities, the law firm inadvertently categorized their own token as an illegal security. This leaves them exposed to potential SEC investigations. Soon, major media outlets picked up the story:

• CoinTelegraph Report
• FinanceFeeds Coverage

Current Status

The case remains ongoing, with all legal documents accessible via CourtListener: Case Docket

An initial pretrial conference was held on February 4, 2025. Meanwhile, the crypto community has launched a community takeover (CTO), forming X channels and Telegram groups to promote awareness. The CTO Admin is actively engaging the media and hosting X Spaces.

For podcast or media inquiries, contact @ovanti0 or @DOGSHIT2SOL on X. Please feel free to forward this post to any podcaster that is interested.