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Pump.fun token auction delayed again amid legal pressure, social media ban

  • Solana-based memecoin launchpad Pump.fun has delayed its public token auction to mid-July from the original June 25 date due to legal uncertainties and social media bans.
  • The planned raise targeting $1 billion at a $4 billion valuation has been postponed multiple times since planning began in 2024, with the latest delay coinciding with mounting legal challenges.
  • Pump.fun faces a class action lawsuit alleging securities violations and price manipulation, along with criticism for enabling tokens that infringe on copyrights.
  • The platform's delays and lack of transparency regarding legal issues are raising concerns among investors, affecting the billion-dollar fundraising goal.
  • Social media platform X suspended Pump.fun and founder's accounts on June 16, adding to the project's setbacks and raising questions about potential enforcement actions.
  • The temporary ban disrupted the platform's communication during a crucial period and compounded the existing uncertainty surrounding the public auction.
  • Crypto journalist Colin Wu reported that Pump.fun's token sale is now expected in mid-July, with no firm date confirmed yet, as the project aims to raise $1 billion at a $4 billion valuation despite ongoing legal and operational challenges.

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