The original Aguilar v. Baton Corporation Ltd. complaint, filed January 30, 2025 in the Southern District of New York, named Pump.fun and its three co-founders — Alon Cohen (COO), Dylan Kerler (CTO), and Noah Bernhard Hugo Tweedale (CEO) — alleging the sale of unregistered securities and the extraction of approximately $500 million in fees from facilitating "pump-and-dump schemes."

In January 2026, plaintiffs' counsel Burwick Law moved to amend the complaint to include approximately 5,000 private messages purportedly recovered from a confidential informant. The messages, according to filings, include direct admissions by named defendants regarding the platform's operational characteristics, internal communications about regulatory exposure, and statements characterizing the platform's economic model.

Among the most-cited messages: a statement attributed to one defendant, in private communication, that "we made it easy for ordinary people to trade small coins worth under $50,000, but this also exposed everyone to an extremely low probability of winning, just like gambling."

Judge McMahon's order, issued December 9, 2025, permits the amended complaint to proceed, finding that the materials are within the scope of admissible evidence at the pleading stage. The order also extends the discovery timeline by an additional 90 days to permit defendants to respond to the expanded allegations.

The case is one of several active proceedings targeting the broader Solana memecoin launchpad ecosystem. The Bureau's Memecoin Forensics Division maintains an active profile on Pump.fun co-founder Alon Cohen as case #MBI-2025-002.

Pump.fun has issued a public statement disputing the relevance and authenticity of certain of the 5,000 messages. The platform has not publicly addressed the messages individually. Plaintiffs' counsel has indicated that the confidential informant's identity will be revealed at deposition.