PANews reported on January 31 that according to Bloomberglaw, pump.fun is facing a class action lawsuit, accused of violating US securities laws, exposing investors to huge financial risks by marketing and issuing unregistered and highly volatile Meme coins, and collecting nearly $500 million in fees. It is reported that the lawsuit has been filed in the United States District Court for the Southern District of New York, and the plaintiff described it as "a new evolution of Ponzi schemes and pump and dumps."