Curve Finance founder Michael Egorov didn't hold back when he called Pump.fun "a casino of scams called meme coins." The jab came as the Solana-based token launchpad faces mounting criticism over the quality of its offerings, a proposed class-action lawsuit, and fresh data suggesting the overwhelming majority of its tokens are designed to dump on buyers.
The livestream chaos that pushed things too far
Pump.fun's troubles aren't just about token quality. In November 2024, its livestream feature turned into a public relations nightmare. Users staged extreme stunts to pump their tokens — threats of self-harm, violence, and harm to family members. One user threatened suicide if a token didn't reach a $25 million market cap. The backlash forced Pump.fun to halt livestreams entirely. The feature returned in April 2025, but only with stricter moderation rules.
That incident might have been the breaking point for many, but the underlying problems run deeper.
The numbers behind the criticism
A May 2025 report from Solidus Labs found that 98.6% of Pump.fun tokens analyzed showed characteristics of pump-and-dump schemes or rug pulls. That's nearly every token examined. A separate CoinGecko analysis of 18.67 million tokens found that more than 68% recorded their final trade on the same day they launched. Only 4.55% remained active for more than 90 days.
Those figures paint a picture of a platform where quick flips and exits are the norm, not the exception. Egorov's "casino" label fits the pattern.
Legal heat and a defense
The criticism has also taken legal form. Pump.fun faces a proposed class-action lawsuit accusing it of offering unregistered securities and collecting nearly $500 million in fees. The case was brought by a trader who lost money on tokens FWOG, FRED, and GRIFFAIN.
Not everyone agrees with the attacks. Tomas Oliver, co-founder of ClawPump, defended Pump.fun, arguing the platform provides a service and users choose how to use it. He also said meme coin activity would exist elsewhere if Pump.fun didn't dominate. That's a fair point, but it doesn't erase the data.
Pump.fun's revenue streak
Despite the controversies, Pump.fun is making money. It was among seven Solana applications that generated more than $100 million in revenue in 2025. According to a newsletter by pseudonymous Pump.fun co-founder Sapijiju, Pump.fun surpassed Hyperliquid in revenue measured over 30 days. The platform's ability to generate fees seems undiminished, even as the criticism mounts.
The class-action lawsuit is still pending, and the question of whether Pump.fun's tokens count as securities remains open. Until that's resolved, the platform keeps running, and the tokens keep launching.
