We're asking Europe's law-enforcement and financial-crime authorities to open a coordinated criminal assessment of Pump.fun and its UK-registered operator, something no one has done, even as the losses mount and lawsuits pile up across multiple countries.

What Pump.fun is:
Pump.fun is one of the largest retail crypto platforms in the world. It lets anyone, with no ID check, no experience, and no gatekeeping, create a "memecoin" in seconds and sell it to the public. Millions of people have traded on it, and it has taken in hundreds of millions of dollars in fees, actually more - billions. This is not a niche corner of crypto; it is a mass-market consumer product that has reached ordinary people far outside the usual circle of crypto traders.

Who runs it, and where:
Pump.fun is built and operated by Baton Corporation Ltd, a British company: UK Companies House no. 14743013, incorporated in Mildenhall, Suffolk, on 20 March 2023. Its directors of record are Alon Cohen, Dylan Kerler, and Noah Tweedale. This matters enormously. The operator is not an untouchable offshore shell, it is a registered UK company with named officers, squarely inside the jurisdiction of British and European authorities.

This is not speculation. It is in federal court.
Baton is the lead defendant in an active United States federal lawsuit: Aguilar v. Baton Corporation Ltd., No. 1:25-cv-00880-CM, Southern District of New York. As the case has grown it has been amended and consolidated; the operative version, a second amended consolidated complaint, was filed on 7 January 2026.

It is brought under RICO, the Racketeer Influenced and Corrupt Organizations Act, a U.S. law written to dismantle organized-crime enterprises, alongside federal securities-law claims. It alleges a coordinated racketeering enterprise and describes Pump.fun, in plain terms, as a "digital casino." It states the platform extracted nearly half a billion dollars in fees from investors. Because RICO allows damages to be tripled, the case is sized at roughly $5.5 billion, and the plaintiffs are asking a court to appoint a receiver to take control of the operation.

The platform's own co-founder described it as gambling.
This isn't only the plaintiffs' framing. Private messages now filed in the case quote co-founder Alon Cohen acknowledging that Pump.fun 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)." Most lose, in the operator's own words.

The harm, in numbers:
An independent on-chain analysis (Dune Analytics, 2025) found that of roughly 4.25 million wallets that actively traded on Pump.fun, over 60% lost money. Nearly 1,700 wallets lost more than $100,000, and dozens lost over $1 million. Separately, security researchers at Solidus Labs found that 98% of tokens launched on the platform showed signs of fraud or had no real liquidity, meaning the overwhelming majority of what was sold to the public was, on the data, structurally stacked against the buyer.

The harm, in human terms:
In November 2024, Pump.fun's livestreaming feature became a public scandal. To drive token prices up, broadcasts featured child abuse, a firearm discharged on camera, a child threatening his own family, and users threatening suicide and violence to hit market-cap targets (reported by Decrypt, Bloomberg, WIRED, and others). The company suspended livestreaming on 25 November 2024, then switched it back on for all users on 11 April 2025. Its own moderation policy now reserves account termination and reporting to law enforcement for youth endangerment, a rule it wrote because the conduct had already happened on its platform.

Authorities already know there's a problem, they just haven't examined the conduct.
UK regulators were concerned enough that Pump.fun was geo-blocked from the United Kingdom in 2024 following FCA action. But blocking a website for British users is a consumer-protection patch. It is not a criminal assessment of whether the people who built and ran the platform broke the law. That assessment has never happened, anywhere in Europe.

Why this needs Europe, and why criminal, not just civil:

The U.S. case is civil, and it is a floor, not a ceiling. It captures conduct up to its filing and seeks money for one class of U.S. plaintiffs. Pump.fun keeps operating. And a U.S. class action does nothing for the EU and UK victims who fall outside it.
European victims have no coordinated forum. Across the EU and UK, disputes sit scattered in separate national civil courts, with no authority linking them and no one assessing criminal liability, even though the operating company is UK-incorporated and within reach.
Civil suits compensate; they do not investigate crime. Only criminal authorities can determine whether the conduct amounts to unlicensed financial activity, facilitation of fraud, or consumer-protection offences, and act on it.
What we are calling for:
We, the undersigned, are demonstrating the public interest that justifies a coordinated criminal assessment in Europe. We call on Europol, Eurojust, the UK FCA, Action Fraud, and EU member-state financial-crime authorities to:

1. Link the scattered EU and UK cases, and the U.S. court record, into a single intelligence picture.
2. Assess, under each jurisdiction's law, whether the conduct is criminal: unlicensed financial activity, facilitation of fraud, consumer-protection offences.
3. Act on what they find.

One honest caveat, and it is the whole point:
These are allegations being tested in court, not proven findings. We are not asking anyone to skip due process. We are asking the opposite: that the question be examined by the authorities whose job it is, instead of left to a patchwork of private lawsuits in a dozen countries. The company is on the public record. The U.S. RICO complaint is on the public docket. The losses are documented. The one thing missing is a European investigation.
Sign if you believe this deserves to be investigated, not ignored.