Law Firm Suing Crypto Platform Creates Controversial “DOGSHIT2” Token to Prove Point

Law firm creates "DOGSHIT2" memecoin to demonstrate Pump Fun's lack of security measures and compliance checks.

  • Token launch took under 10 minutes with no KYC verification, age checks, or terms and conditions.
  • Pump Fun faces accusations of facilitating pump-and-dump schemes worth $500 million through unregistered securities.
  • DOGSHIT2 token experienced a 16,956% price surge followed by a 98% crash within 24 hours.
  • This represents the third lawsuit against Pump Fun by Burwick Law, following cases involving Hailey Welch and PNUT tokens.

A law firm’s attempt to expose security violations in cryptocurrency trading has ironically sparked trading frenzy among crypto enthusiasts. Burwick Law, pursuing legal action against memecoin platform Pump Fun, created its own demonstration token “DOGSHIT2” to highlight the platform’s alleged regulatory shortcomings.

- Advertisement -

The firm’s strategic token launch on October 31 revealed concerning vulnerabilities in Pump Fun’s system. According to the lawsuit documentation, the process bypassed essential security protocols, including know-your-customer (KYC) verification, age restrictions, and basic terms of service agreements.

The demonstration token, despite carrying an explicit warning label “Don’t buy this coin,” experienced dramatic market volatility. Trading data shows a meteoric rise of 16,956% from $0.0001344 to $0.0229230, followed by a devastating 98% decline, exemplifying the very behavior the lawsuit aims to address.

Crypto influencer @EasyEatsBodega challenged the firm’s methods, suggesting potential hypocrisy in their approach. The law firm responded firmly, stating: “Baseless comments aimed at undermining the legal system or disparaging the profession are both inappropriate and potentially defamatory.”

The case highlights broader concerns about cryptocurrency market regulation. Burwick Law alleges that Pump Fun’s operational model has created an environment conducive to illicit activities, including terrorist financing and drug trafficking, due to its lack of compliance measures.

The firm maintains its position, declaring that criticism from cryptocurrency key opinion leaders serves as “the best endorsement we could ask for.” This case joins two previous lawsuits filed by Burwick Law against Pump Fun, establishing a pattern of legal challenges against the platform’s practices.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

10 Best Crypto Audiobooks You Don’t Want to Miss

So, you are getting tired of reading books and you want to switch to audiobooks that talk about cryptocurrencies. Well, today we are going...