Who killed the
memecoin market?

An evidence wall. Every photo is a public post. Every string is a documented connection. Hover a photo to see what it is tied to. Click to read it. Nothing here is a court finding; everything here is on the record.

PUMP.FUN
the launchpad · 0 strings attached
Post by sahil: 129 SOL sent moments before Iggy Azalea dropped $MOTHER, with a Solscan transfer of 129.5 SOL timestamped May 28 2024.
EXHIBIT A · the wire before the launchsahil (@villainmonkey) posts a 129.5 SOL transfer timestamped minutes before $MOTHER went public, and alleges every celebrity launch had a transfer to the same wallet first. source
ALLEGED

CLASS ACTION · S.D.N.Y. · 1:25-cv-00880

Pump.fun accused of operating an unlicensed “meme coin casino.” Retail losses estimated at $4 to $5.5 billion. Solana Labs, Solana Foundation and Jito added as defendants.

source: Benzinga · Bitcoin.com News
ON RECORD
Bubblemaps post: $BULL is about 50% bundled, hidden behind a maze of wallets. Left, a dense bubble map cluster; right, KOL posts calling it the next big runner.
EXHIBIT C · the bundle and the shillsBubblemaps, Apr 13 2026, 425K views. Left: one wallet funds 100+ fresh wallets through six layers. Right: the KOLs calling it “the next big runner” while ~45% of supply sat in a few hands. source
BUNDLED
Alon replies with a prayer-hands emoji. sahil replies: scrolling through our chats.
EXHIBIT B · Nov 2026Alon (@a1lon9) replies with 🙏. sahil, who posted Exhibit A, answers: “scrolling through our chats.” Contents unverified. Developing.
ALLEGED
Bubblemaps post: an investigation into The Solstice, top 3 social trader, and his ties to a massive bundling operation. Four bubble maps, four tokens, the same clustered shape.
EXHIBIT D · four tokens, one shapeBubblemaps, Oct 26 2026. The #3 social trader on pump.fun, 358K followers. Four coins he called, four clusters: dozens of fresh wallets buying at once, each holding 0.5 to 1% of supply, traceable to the deployer. source
BUNDLED

COURT FILING · JULY 2025

More than 11 million tokens launched through the platform. Over 98% failed within 24 hours.

source: Crypto.news
ON RECORD
FUNDING CLUSTER · LIVEpattern per Bubblemaps
Post by 0xEthan: I've made $142,000 in two months calling out coins on pumpfun. Callout rewards card: earned all-time $142,474.
EXHIBIT E · the receipt0xEthan, Nov 6 2026: $142,474 in pump.fun callout rewards in two months; says he out-earns some of the best doctors in America. Four weeks earlier Bubblemaps traced his side wallets selling into his own callouts. source
FRONT-RAN

JUNE 2025 · X

X suspends the accounts of Pump.fun and co-founder Alon, alongside other memecoin services.

source: The Block
ON RECORD
Post by Ansem announcing a partnership with luck.io on their launch, May 16 2025, 301K views.
EXHIBIT F · the pivotMay 16 2025, seven months after the ZachXBT accusations: Ansem (@blknoiz06) announces a partnership with luck.io, an on-chain casino, to 301K viewers. source
ALLEGED

OCT 2024 · ZACHXBT

Accuses Ansem of promoting “hundreds” of pump-and-dumps. BODEN down 98.9% from a $1.04B peak. Ansem denies, cites WIF.

source: Cointelegraph
ON RECORD
Post: alon tweeted a rug and couldn't even be bothered to apologise or acknowledge the people who lost money.
EXHIBIT G · the wardA trader’s reaction after Alon’s token post. Author not shown in the capture.

OCT 2026 · BUBBLEMAPS

Caller Anglio: five side wallets bought ~20 seconds before 61% of his 534 callouts and sold minutes later. ~$130k, 60% of it from pump.fun callout rewards. He admitted the method.

source: Bubblemaps
FRONT-RAN

OCT 2026 · PLATFORM RESPONSE

After the exposés, Alon revises caller rewards from volume to follower profit. Says past payouts cannot be reclaimed, even if later deemed unjustified.

source: Coin Edition
ON RECORD

FEB 2026 · BUBBLEMAPS

Hayden Davis, the Kelsier Ventures CEO tied to the LIBRA and MELANIA launches, linked to one of the largest private allocations of pump.fun’s own PUMP token.

source: BeInCrypto
ON RECORD

THE ONLY PIN WITH NO STRING

Sealed auction launch, so nobody is first — or, if a creator prefers, an open curve whose first 90 seconds trade at one fixed price and whose first 5 minutes cap every wallet — so nobody is first there either. One human, one wallet, so nobody is fifty people. Immutable liquidity, so nobody pulls it. Zero dev allocation, so nobody dumps on you.

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RESURRECT

documented connection   the fix  ·  Photos are screenshots of public posts with interface buttons masked; text untouched. Clippings are court filings and published reporting, linked. Allegations are labeled as such. Defendants deny the claims.