JUST IN: SOLANA & PUMP. FUN NAMED IN AMENDED RICO SUIT OVER $5.5B MEME COIN GAMBLING SCHEME CLASS ACTION CLAIMS PUMP. FUN RAN UNLICENSED GAMBLING PLATFORM TARGETS SOLANA-LINKED ENTITIES Source: @DecryptMedia https://t.co/WD3PUb641H https://t.co/d3lMVzcmxv
[DECRYPT] Solana, https://t.co/b48vqpfozV Named in Amended RICO Suit Alleging $5.5B Meme Coin Gambling Scheme $SOL $PUMP
Solana, https://t.co/cSkcnTct9w Named in Amended RICO Suit Alleging $5.5B Meme Coin Gambling Scheme ► https://t.co/mmKpwidEC6 https://t.co/mmKpwidEC6
Burwick Law has filed an amended class-action complaint in the U.S. District Court for the Southern District of New York, adding Solana Labs, the Solana Foundation, Jito Labs and the Jito Foundation as defendants in a racketeering case originally aimed at the memecoin launchpad Pump.fun. The lawsuit, dated 22 July 2025, invokes the Racketeer Influenced and Corrupt Organizations Act (RICO) and other statutes, accusing the companies and several executives of running an unlicensed online gambling and money-transmission enterprise. Plaintiffs allege the Pump.fun platform functioned like a "digital slot machine," enabling the rapid creation and trading of memecoins via bonding-curve pricing, anonymous wallets and insider-favoured order flow. The complaint estimates retail users suffered between $4 billion and $5.5 billion in losses and says Pump.fun reached a $2 billion market capitalization after a $600 million token launch earlier this month. The filing argues Solana and Jito were not neutral infrastructure providers but active participants that profited from block-space fees, SOL price appreciation and validator tools that facilitated front-running. One example cites the North Korea-linked Lazarus Group, which allegedly used the system to launch a coin that briefly generated $26 million in trading volume. No defendant has publicly responded to the latest allegations. Legal analysts note that the claims remain unproven and could face early dismissal, but the case highlights intensifying scrutiny of blockchain infrastructure firms that underpin speculative trading activity.