A company looking to compete with the meme coin launch platform Pump.fun threatened to sue his rival earlier this month. Just 10 days later, the project launched its label on Pump.fun, and the founder admitted that he had earned $800,000.
At the dawn of the New Year, the Pumpkin gave birth to a pumpkin Legal notice for Pump.fun The project has threatened to sue for more than $1 billion in damages over allegations it hid how much it was taking in fees.
Badash said Decryption Pump Pumpkin was hiring an in-house legal team to handle the case. He added that the company did not know where the lawsuit would be filed because Pump Pumpkin is based in Israel and Pump.fun Based in Great Britain. He said the company hopes to reach an out-of-court settlement.
Nevertheless, the intimidation continued viral. And Badash used attention as a platform to assist its competing platform and its two Solana signs: PPA and PP.
In short, Pump Pumpkin intended to issue a PPA token on Pump.fun, which would then be exchanged for PP tokens, the project’s control token. However, the PPA launch was a mess.
Pump Pumpkin launched the token via social media, counting down the minutes until its release. X is a direct stream. Then the token launched on Pump.fun.
Okay, with 10 minutes left, we’ll focus on getting down to business $ppa See you in 10 minutes. Do not buy copies. don’t be gay pic.twitter.com/YHa7w47hDd
11 minutes after the token was created, the deployer wallet was sold The price of the token is $3,200. This resulted in a 92% drop in PPA within six seconds. Then, after 14 minutes, extra $3,840 worth of tokens sold, resulting in an additional 76% drop in PPA prices.
Despite the two big hits, the token surged over 700% in the following minutes. At the same time, people can be heard cheering live in the room next to Badash.
“This is my team preparing everything that’s going on right now,” the co-founder said with a smile to the live stream, which has been watched nearly 85,000 times. Badash explains that the team is struggling to buy enough tokens because too many people are buying them, causing the price to rise.
In this live stream, Badash shares his screen as he tries to moderate the hate-filled chatter against the project. This includes blocking the words “fuck”, “Jew” and the Palestinian flag. As the flag is being distributed some viewers They said they saw the founder join a group on Telegram called “Fuck the Arabs”.
According to investors, project insiders also bought the token early and sold it when the price rose. Decryption Pump.fun found many wallets that bought the token and made thousands of dollars. wallet 93Fy he bought 1.75 SOL ($309) PPA and sold it for $23,100.
As the hatred within Telegram began to grow, the founder began to panic investors.
One user claimed to have lost “all” of his money. In response, Badash called them “poor roosters” and threatened to “drop” his apparent 30% offer if the price did not rise. After that, the investor who lost his money threatens to kill Badash. But that didn’t stop the project’s founder from bragging about his scheme.
“I’m going to redo you guys who made too much money off the chart,” Badash said in the project’s Telegram group. “I just earned 800,000 dollars. Suck it up (racial slur.)”
Photo: Telegram
Badash refused to answer Decryptionrequest for comment.
PPA dropped 93% to $140,000 in market cap in 10 hours of $2.1 million.
This is in front of Pump Pumpkin announced holders can exchange one PPA token for one PP token, which will activate the PPA in the process. In a Telegram chat, Badash claims that PP does not have a contract address, which is impossible. So people at Telegram reported burning their PPA tokens and never getting a PP token in return — fueling allegations of fraud.
Dear Pump Pumpkin Family,
We are excited to share an important step in our journey towards growth and sustainability. We are moving from PPA tokens to PP tokens to streamline and strengthen the ecosystem. This swap is about bringing our community together and… pic.twitter.com/YppjQ6ecjW
Now the project’s Telegram is flooded with angry investors who claim to have lost their money, who believe there is no turning back for the Pump.fun competitor. A meme coin was even created calling for Badash to be jailed. The the founder thought it was funny.
“I lost about $11,000 on this token. I thought it was a legit project,” Mohammad Muawia, CEO of Crypto Game Project Convivialtold Decryption. “There’s no way they can rebuild his reputation and successfully launch his product now.”
