The founder of the Pump.fun lawsuit revealed in a private message that "most users have lost money."

The law firm Burwick Law represents retail investors in a revised lawsuit against Pump.fun, Solana Labs, and related executives. Previously, the judge allowed the plaintiffs to submit a second amended complaint, adding 5,000 private messages as new evidence, accusing them of orchestrating a "pump and dump" scheme.

The lawsuit reveals that Pump.fun co-founder Alon Cohen admitted in private messages that most investors on the platform lost money, stating, "We made it easy for ordinary people to trade small coins worth under $50,000, but this also exposed everyone to an extremely low probability of winning, just like gambling." The lawsuit also claims that some crypto KOLs were paid to promote meme coins without disclosing their financial interests and were informed in advance about the purchase targets.

However, the article points out that the evidence in the lawsuit is mostly based on rumors and lacks empirical proof of direct profits for Pump.fun executives, maintaining a reserved stance on the "criminal organization" allegations.