Investigate Pump.fun
Pump.fun is a UK-run platform where anyone can mint a memecoin in seconds and sell it to the public — no ID, no checks, no gatekeeping. Millions did. It became one of the largest retail crypto products in the world and, by 2026, the first Solana application to pull more than $1 billion in fees from the people who used it.
What follows is not a verdict. It is an argument: that what happened on Pump.fun deserves to be examined as a possible crime, by the authorities whose job that is — not quietly filed away as a market that merely moved fast.
I make this case as the platform's first hire and the FCA whistleblower behind disclosure ref 71418. I also exploited Pump.fun myself — and I gave every cent of it away. I didn't profit; I did my time. So read this as a witness's argument, not a victim's grievance.Baton Corporation Ltd built and operated an extraction machine — one that profited while most of its users lost — and although the company is British and sits squarely within UK and EU reach, no authority has ever criminally examined it. One should.
The platform's economics only paid out if most participants lost. The data says they did.
And you don't have to infer the intent — a co-founder put it in writing. In the internal "Pump team" chat on 27 April 2024, Alon Cohen wrote that the platform exposed everyone "to the really really low odds that come with gambling such low mcaps," and that "people will generally be happier (even though most lose)." That message is now filed as a court exhibit — an exhibit to the plaintiffs' RICO statement, captioned "Admits Gambling."
A market does not need most of its participants to lose. A house does.
The operator is neither anonymous nor offshore-untouchable. It is Baton Corporation Ltd — UK Companies House no. 14743013, registered in Mildenhall, Suffolk — with named directors of record. And yet:
- The only substantial case is civil and American — Aguilar v. Baton, 1:25-cv-00880-CM (S.D.N.Y., J. McMahon). Its 186-page Second Amended Complaint now reaches past the founders to Solana Labs, the Solana Foundation and several executives; motions to dismiss are fully briefed, ruling pending. A U.S. class action does nothing for EU and UK victims.
- A UK whistleblower's evidence has sat under FCA review for over a year (ref 71418) — "ongoing," with no public outcome and no timeline.
- Across the EU and UK, the victims have no single forum and no criminal assessment at all.
Everything needed to ask the question is already on the public record. The question simply hasn't been asked.
This is bigger than one coin, one founder, one chain. The named defendants may go down for it — but they are the face, not the machine. The real subject is whether on-chain finance gets to run a rigged house in plain sight, in jurisdictions that license ordinary casinos under far heavier scrutiny.
So we ask Europe's authorities — Europol, Eurojust, the UK FCA, Action Fraud, and EU member-state financial-crime units — to link the scattered EU/UK cases and the U.S. record into one intelligence picture; assess, under each jurisdiction's law, whether the conduct is criminal; and act on what they find.
Not a conviction. An examination. These are allegations being tested in court, not proven findings — and that is precisely the point: the question deserves to be examined by the people whose job it is, instead of left to a patchwork of private lawsuits in a dozen countries.