SUBJECT ENTITIES & INDIVIDUALS
Primary Defendants
- Baton Corporation Ltd. d/b/a Pump.fun
- Alon Cohen
- Dylan Kerler
- Noah Bernhard Hugo Tweedale
Expanded Defendants (Amended Filings)
- Solana Labs Inc.
- Solana Foundation
- Anatoly Yakovenko
- Raj Gokal
- Jito Labs Inc.
- Jito Foundation
- Others
JURISDICTION
- Primary Civil Venue: United States District Court for the Southern District of New York (SDNY)
- Criminal Matter: Wood Green Crown Court, United Kingdom
PRIMARY CIVIL ACTION
Case History
Related Filing
Carnahan v. Baton Corporation Ltd. d/b/a Pump.Fun et al., No. 1:25-cv-00490
Initially specific to $PNUT token purchases
Original Filing (Aguilar)
Initial complaint filed in SDNY
Consolidation Order
Cases merged under 1:25-cv-00880
Lead Plaintiff: Michael Okafor (appointed per PSLRA; reported largest loss ~$242,000)
Consolidated Amended Complaint
Filed with expanded allegations:
- Defendants Added: Solana Labs, Solana Foundation, Jito Labs, and Anatoly Yakovenko (accused of providing essential infrastructure for the "enterprise")
- RICO claims: Alleging the entire ecosystem functions as a racketeering enterprise
- Gambling: Illegal unlicensed casino operations
Leave Granted for Second Amended Complaint
Court grants plaintiffs leave to file Second Amended Complaint
Deadline: Extended to January 7, 2026
Source: [2]Second Amended Complaint Filed
Incorporates new evidence including internal chat logs/communications
Alleged >5,000–15,000 records referenced in reporting
Source: [6]Status Conference
Addressed alleged misconduct/harassment claims
Sanctions Motion Denied
Plaintiffs' sanctions motion (Dkt. 137) denied
Court found no recurrence attributable to defendants
Source: [3]Pending Deadlines
- Defendants' Motions to Dismiss: Due January 23, 2026
- Plaintiffs' Oppositions: Due February 13, 2026
Case in early litigation stages with ongoing discovery/amendment processes. Additional letters/motions filed through January 30, 2026 (e.g., sealing requests, procedural notices).
CORE ALLEGATIONS
Per public filings and reporting; allegations only — no findings of liability
Offerings/sales under Securities Act §§5, 12 (Solana-based meme coins treated as investment contracts)
Alleged facilitation of $1.5 Billion in illicit funds, specifically citing North Korean hackers (Lazarus Group) laundering Bybit exploit proceeds via bonding curves.
18 U.S.C. §1961 et seq. — Alleged coordinated "Pump Enterprise" involving platform, infrastructure providers, and validators.
Unlicensed casino operations; "bonding curve" mechanics described as rigged games of chance rather than trading.
Integration with Jito Labs tools allegedly allowed insiders to front-run retail buys in the same block.
Unjust enrichment claims citing >98% user loss rate.
REGULATORY SCRUTINY & OPERATIONAL BLOCKS
UK FCA Interference & Geoblocking
- FCA Warning: The UK Financial Conduct Authority flagged Pump.fun for unauthorized financial promotions.
- Action Taken: Pump.fun implemented geoblocking for UK IP addresses, effectively banning British users from the frontend interface to mitigate regulatory risk.
Cease-and-Desist "Impersonation" Drama
- The Issue: Intense wave of coins impersonating law firms, brands, and individuals.
- Legal Action: Firms such as Burwick Law and Wolf Popper issued cease-and-desist letters demanding the removal of 200+ impersonating assets.
- Court Status: While sanctions were initially denied (Jan 23, 2026), the court issued a stern warning that recurring harassment could lead to future penalties.
Broader Global Scrutiny
- EU MiCA: Markets in Crypto-Assets (MiCA) regulations pose an existential threat to the anonymous "issuer" model of memecoins.
- SEC Position: Continued debate on whether algorithmic bonding curves constitute "investment contracts" (Howey Test matches).
CRIMINAL MATTER
Defendant Profile
- Name: Jarett Dunn
- Aliases: "Stacc" / "StaccOverflow"
- Role: Former Pump.fun employee
Incident Details
- Date: May 2024
- Method: Internal exploit/abuse of access; fraudulently transferred ~$2 million equivalent in SOL (12,600 SOL) via flash loans and admin privileges
- Platform Response: Pump.fun compensated affected users/liquidity; no ongoing civil claims tied to this in SDNY docket
Outcome
Pleaded guilty to fraud and transfer of criminal property
Two concurrent six-year prison terms
Sentenced: December 18, 2025, Wood Green Crown Court
UNCORROBORATED / REDACTED ATTRIBUTES
- Exact contents/full disclosure of second amended complaint (filed January 7, 2026; public access pending docket updates)
- Outcomes of anticipated motions to dismiss (pending post-January 23, 2026)
- Any settlements, class certification decisions, or trial dates (none reported)
- Status of Jito Labs defendants (initially named; voluntary dismissal without prejudice reported September 2025 in related coverage)
- Potential additional regulatory actions (SEC, CFTC, FinCEN, DOJ) beyond private litigation (no public enforcement confirmed)
PUBLIC LAWSUIT REPOSITORY
Direct access to federal court filings and public dockets.
Main Consolidated Case
- Docket Access: CourtListener (Free) | PACER (Official) | Justia
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Key Filings:
- Original Complaint (Jan 30, 2025) — Initial securities fraud claims.
- Consolidated Amended Complaint (Jul 22, 2025) — Adds RICO, gambling, Jito/Solana defendants.
- Order Granting Second Amendment (Dec 9, 2025) — Permits whistleblower chat log evidence.
- Sanctions Denial Order (Jan 23, 2026) — Ruling on harassment allegations.
Related / Predecessor Case
- Docket: CourtListener
- Filing: Initial Complaint (Jan 16, 2025) — Focused on $PNUT token.