Pump.fun let anyone mint a memecoin and sell it to the public — no ID, no checks, no gatekeeping. Millions did. By 2026 it was the first Solana app to pull more than a billion dollars in fees from its own users. What follows isn't a verdict. It's an argument, in five parts.
Baton Corporation Ltd built an extraction machine that profited while most of its users lost — and though it's a British company within UK / EU reach, no authority has ever criminally examined it. One should.
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 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.
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.
“…people will generally be happier even though most lose.”
Alon Cohen, Pump.fun co-founder — internal "Pump team" chat, 27 April 2024. Filed as a court 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 — a registered UK company with named directors. And yet the question of whether any of this was criminal has never been put to the authorities who could answer it.
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 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 harm is documented. The company is on the record. The one thing missing is someone with the power to ask.