CONFIDENTIAL
CLASSIFIED: PUBLIC RECORD — ONGOING INVESTIGATION

FILE 010

PERSISTING UNRESOLVED ISSUES & EVIDENTIARY GAPS

COMPILED: JANUARY 2026 · STATUS: ONGOING · SOURCES: 6 VERIFIED
Unresolved Issues & Evidentiary Gaps

Domains of ongoing dispute, incomplete evidence, or absent resolution across legal, operational, and community contexts (as of January 31, 2026)

Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun et al.
No. 1:25-cv-00880-CM (SDNY)
PRE-CLASS-CERTIFICATION PHASE

Pending Procedural Matters

JANUARY 2026

Second Amended Complaint

Filed or due early January 2026 (extension granted December 2025)

Incorporates new evidence including alleged internal chat logs

Status: Full contents pending public docket updates

Source: [2]
JANUARY–FEBRUARY 2026

Motion Practice Schedule

  • Defendants' motions to dismiss: Deadline January 23, 2026
  • Plaintiffs' oppositions: Due February 13, 2026
  • Defendants' replies: Due February 20, 2026

Status: Outcomes pending post-February 2026

JANUARY 23, 2026

Sanctions Motion Denied

Dkt. 137 — Over alleged user-generated harassing tokens

Judge noted potential renewal if harassment recurs

Unresolved: Ongoing harassment monitoring; no further incidents reported

Source: [3]
UNRESOLVED LEGAL QUESTIONS
NO RULINGS ON MERITS AS OF JANUARY 31, 2026

Outstanding Substantive Issues

  • Securities status of meme coins under federal law
  • RICO applicability to platform mechanics
  • Evidentiary link to Lazarus Group (money laundering proof)
  • MEV liability and coordination allegations
  • Class certification requirements and scope
  • Any settlements, dismissals, or trial dates
Source: [1] — SDNY Docket (last activity January 30, 2026)

Initial Promises

  • Teased in ICO materials (July 2025)
  • Part of ecosystem/community share (24% referenced in some reports)
  • Expected post-launch distribution
CURRENT STATUS
NO CONFIRMED AIRDROP AS OF JANUARY 31, 2026

Outstanding Questions

  • Snapshot date (if any)
  • Eligibility criteria
  • Distribution timeline
  • Execution plan or cancellation
  • Alternative incentives (speculative rumors of trading rewards; unconfirmed)

Community discussions reference ongoing delays; no official update from Pump.fun or Alon Cohen post-July 2025 statements (e.g., "no airdrop in immediate future")

Source: [6]

Whistleblower Chat Logs

SEPTEMBER–OCTOBER 2025

Evidence Provided to Plaintiffs

Alleged >5,000–15,000 internal chat logs from confidential informant/whistleblower

Purportedly show discussions of MEV tooling, bundle usage, coordination

Source: [5]
DECEMBER 9, 2025

Court Permits Incorporation

New evidence allowed in Second Amended Complaint

Source: [2]

Unresolved Evidentiary Questions

  • Whistleblower identity (described as "confidential informant"; no public confirmation of source — e.g., former employee, competitor, or other)
  • Full contents/authentication of 15,000+ chat records (partial excerpts referenced in filings/reporting; no complete public release or independent verification)
  • Strength/interpretation of logs as evidence of coordination (plaintiffs claim damning; defendants contest)
  • Authentication pending discovery process
Source: [4]

Jito Labs Defendants

  • Voluntarily dismissed without prejudice (September/October 2025)
  • Unresolved: No reinstatement or settlement details
  • Unresolved: Potential future claims or regulatory scrutiny
Protocol Revenue Usage
  • Exact allocation/usage unclear
  • Buybacks, treasury management
  • Incentives post-January 2026 Creator Fee Sharing
  • Granular breakdowns not disclosed
Regulatory Enforcement
  • SEC/CFTC status (memecoin securities debate)
  • UK FCA: Permanent or temporary nature of geoblocking?
  • MiCA: Impact on EU user access post-2026?
Livestream Moderation
  • Post-April 2025 relaunch efficacy
  • Continued reports of disturbing content
  • No quantified ban/removal statistics
  • Full incident logs not public
Creator Fee Sharing Impact
  • Introduced January 9, 2026
  • Up to 10 wallets, ownership transfers
  • No disclosed data on effective take rates
  • Protocol retention shifts unclear
Past Incident Recovery
  • Dunn exploit funds recovery
  • Platform compensation complete
  • No granular public accounting

Legal & Regulatory Questions

  • Securities classification: Whether meme coins / platform mechanics constitute securities under federal law
  • Gambling status: Unlicensed gambling operations allegations
  • RICO enterprise: Coordinated market manipulation claims (core to class action; novel questions in crypto context)

Operational Transparency

  • Insider benefits: Potential undisclosed insider benefits or predetermined outcomes (alleged "rigged casino"; limited direct evidence beyond communications)
  • MEV coordination: Strength of evidence for coordination with Jito/Solana entities
  • Revenue allocation: Full disclosure of protocol revenue usage and treasury management

Ecosystem Accountability

  • Solana Labs/Foundation role: Infrastructure provider liability
  • MEV tooling liability: Jito Labs responsibility for bundle auction system
  • Broader ecosystem impact: Effect on Solana reputation and adoption
LITIGATION
EARLY PHASE — NO MERITS RULINGS, CLASS CERTIFICATION, OR SETTLEMENTS
EVIDENCE
CHAT LOGS INCORPORATED BUT NOT PUBLICLY AUTHENTICATED OR RELEASED
AIRDROP
NO CONFIRMED DISTRIBUTION OR CANCELLATION ANNOUNCEMENT
REGULATORY
NO CONFIRMED SEC, CFTC, OR DOJ ENFORCEMENT ACTIONS

This archive documents the state of public knowledge as of January 31, 2026. Many critical questions remain unanswered, with outcomes dependent on pending litigation, regulatory developments, and platform disclosures.

[2]
https://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2025cv00880/635992/116
December 9, 2025 Decision & Order (amendment deadlines to January/February 2026)
[4]
https://www.binance.com/en/square/post/34084477570730
Chat logs / whistleblower questions
December 22, 2025
[5]