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Pump Fun Faces Class Action Over PNUT Token’s Alleged Securities Violations
CryptoSlate has learned of a new development in the world of decentralized finance (DeFi). In a shocking turn of events, Pump Fun, a popular cryptocurrency-themed NFT project, is facing a class action lawsuit over alleged securities violations related to their PNUT token.
According to reports, the plaintiff claims that PNUT token’s distribution and sale are subject to federal securities laws. The suit asserts that by selling unregistered securities without proper disclosure, Pump Fun has caused harm to numerous investors who purchased the tokens.
In an effort to clarify the matter, CryptoSlate reached out to both parties involved but received no immediate response.
The implications of this lawsuit have significant potential consequences for the DeFi space as a whole. In the meantime, we will continue to monitor and provide updates on any new developments in the story.
Source: cryptoslate.com
