ChainCatcher news, the Burwick Law firm based in New York has revealed its plan to take legal action on behalf of investors against the Solana-based meme coin issuance platform Pump.fun, citing that users of the platform have been engaging in suspicious sell-off activities for months.The law firm alleges that over the past few months, pumpdotfun has collected hundreds of millions of dollars while the platform has displayed illegal drug use, self-harm, racism, anti-Semitism, obscenity, and other antisocial behaviors. The firm is calling for individuals affected by Pump.fun's actions to come forward to participate in a potential legal lawsuit for compensation.Burwick Law stated that this announcement comes after months of collaboration with several individual investors who have lost significant amounts of money due to investments in meme coins, rug pulls, and unfulfilled promises and are seeking remedies.Currently, the community views this statement as merely a "lawyer business advertisement," and whether an appeal will ultimately be made remains uncertain.

ChainCatcher news, the American cryptocurrency law firm BurwickLaw announced that it will represent investors who suffered losses on Pump.fun in a legal lawsuit.It is reported that among the 14 million cryptocurrency wallets interacting with Pump.fun, only 0.4% of wallets made profits exceeding $10,000.

ChainCatcher news, Coinbase CEO Brian Armstrong posted on X: We have informed all the law firms we work with that if they hire anyone who has committed atrocities against the crypto industry in (or about to be in) the previous government, we will no longer be their client.In my view, attempting to illegally stifle an industry while refusing to publish clear rules is an unethical act. If you are a senior official there, you cannot say you are just following orders. They can choose to leave the SEC; many good people have chosen to leave. This is not a normal SEC tenure.They can work in other fields (I do not believe in permanent bans), but as an industry, we should not put money into their pockets after suffering devastation. Let your law firm know that hiring these people means losing you as a client.

ChainCatcher news, according to Cointelegraph, the Bitcoin financial services company Swan Bitcoin filed a lawsuit against its current legal advisor, Gibson, Dunn & Crutcher LLP, for legal malpractice in the California Superior Court on November 22. The lawsuit stems from the law firm's hiring of attorney Barry Berke, who represents the competitor Tether.Swan Bitcoin previously hired Gibson as legal counsel in September to sue a group of former employees for allegedly stealing software code to establish the cryptocurrency mining company Proton Management. Swan claims that Proton persuaded Tether to sever its relationship with Swan and instead support Proton.On November 24, Gibson filed a motion to withdraw from representing Swan in the case against Proton, stating that "the attorney-client relationship has completely broken down." In response, Swan filed for a temporary restraining order in the California Superior Court on November 25, seeking to prevent Gibson from withdrawing from the case and prohibiting it from accepting Tether as a client. The court has scheduled a hearing on the temporary restraining order for November 26.

ChainCatcher news, according to Bloomberg, informed sources revealed that Richard Farley, a partner at Kramer Levin Naftalis & Frankel, and Norm Champ, a partner at Katten Muchin Rosenman LLP, are among the candidates to succeed Gary Gensler as the chairman of the U.S. Securities and Exchange Commission.Other informed sources indicated that Dan Gallagher, legal chief of Robinhood Markets Inc., current SEC commissioner Mark Uyeda, and former Commodity Futures Trading Commission chairman Heath Tarbert are also under consideration. Informed sources stated that former SEC commissioner Paul Atkins and Willkie Farr & Gallagher partner Robert Stebbins are also in the running.Some informed sources said that members of President-elect Donald Trump's transition team and other advisors began discussions with potential candidates after the election. Discussions are ongoing, and candidates may not be finalized for several weeks. Regardless of Trump's choice, the next chairman of the SEC is likely to closely review major rules from the Gensler era that are yet to be implemented or have not yet taken effect, and seek to reduce regulation on the digital asset industry to comply with securities laws.

ChainCatcher news, law firm Pomerantz LLP announced that it has filed a class action lawsuit against the Nasdaq-listed cryptocurrency exchange Coinbase Global, Inc., involving Coinbase and certain of its executives and/or directors participating in securities fraud or other illegal business practices.

ChainCatcher news, law firm Pomerantz LLP announced that it has filed a class action lawsuit against the Nasdaq-listed cryptocurrency exchange Coinbase Global, Inc., involving Coinbase and certain of its executives or directors participating in securities fraud or other illegal business practices.

ChainCatcher news, according to Cointelegraph, FTX creditors have voluntarily withdrawn their class action lawsuit against the American law firm Sullivan & Cromwell (S&C). The Moskowitz law firm, serving as the lead representative for the plaintiffs, stated that this withdrawal is voluntary and does not involve any settlement agreement.On February 16, 2024, a group of FTX creditors sued S&C, accusing the firm of participating in FTX's multi-billion dollar fraud and profiting from it. The lawsuit sought damages for civil conspiracy, aiding and abetting breach of fiduciary duty, and aiding and abetting fraud. S&C had served as FTX's external legal advisor in several transactions and is currently overseeing FTX's bankruptcy proceedings.Adam Moskowitz, founder and managing partner of the Moskowitz law firm, explained the reason for the withdrawal: "Based on the evidence we have seen, we believe there is not enough reason to file a lawsuit, so we have withdrawn the complaint. Now, we can sit down and work together to try to obtain the maximum compensation for the victims from other third parties."

ChainCatcher news, Ethereum early advisor Steven Nerayoff has sued the law firm Covington & Burling for $100 million, accusing them of negligence in handling his defense in a 2019 U.S. extortion case.Nerayoff claims that Covington lawyers advised him not to provide key evidence to the prosecutors, which led to delays in the case. He provided this evidence in June 2022, and the case was dismissed in May 2023. Covington denies the allegations and states that the lawsuit is baseless and will be vigorously defended.

ChainCatcher news indicates that as of August this year, law firms handling seven cryptocurrency bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code since 2022 have requested and received a total of $751 million in fees. Among the largest bankruptcy cases in the crypto industry, the law firms that earned the most fees include Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb. These four firms generated $484 million in revenue from handling cryptocurrency bankruptcy cases. This accounts for 64% of all fees requested and received under Chapter 11 bankruptcy proceedings. Sullivan & Cromwell is the highest-earning firm, with $215 million in revenue. The firm serves as the legal advisor to the debtors of FTX. Kirkland & Ellis ranks second in fees, charging its clients $120 million. The firm is a primary legal advisor to debtors such as Voyager, BlockFi, and Celsius.

ChainCatcher news, former SEC crypto and cybersecurity chief David Hirsh joins McGuireWoods law firm.Hirsh joined the U.S. Securities and Exchange Commission in 2015 and served as legal advisor to former SEC Commissioner Caroline Crenshaw, focusing on enforcement advisory consultations.Robert Muckenfuss, chair of McGuireWoods' financial services and securities enforcement department, stated in a statement: "Cybersecurity and crypto are rapidly evolving areas of law, and Dave's unique background and extensive experience in securities enforcement will help our clients stay ahead."

ChainCatcher news, MetaLeX, founded by cryptocurrency lawyer Gabriel Shapiro, announced the completion of a $2.75 million seed round financing, with the company valued at $27.5 million. This round of financing was led by Cyber Fund.According to the Web3 asset data platform RootData, MetaLeX is a new way to serve the legal, governance, and operational needs of the crypto community, built specifically for the new cybernetic economy through a unique set of on-chain protocols and off-chain legal arrangements.

ChainCatcher news, according to CoinDesk, the international law firm Cahill Gordon & Reindel announced the addition of 3 lawyers from the cryptocurrency industry to expand its related business. Among them, Lewis Cohen, co-founder of the cryptocurrency-focused law firm DLx Law, will join the firm as a partner and co-lead the expanded business (renamed CahillNXT) alongside former Southern District of New York (SDNY) prosecutor Samson Enzer. Two other lawyers from DLx Law, Gregory Strong and Sarah Chen, will join Cohen as partners in Cahill's newly expanded business.

ChainCatcher news, according to Cointelegraph, although FTX's newly revised proposal promises "billions of dollars in compensation," creditors are dissatisfied with specific terms related to the law firm Sullivan & Cromwell (S&C). On the 7th, FTX announced a new amendment to the debt repayment plan, which includes a release clause. The release clause means that if damages occur during the execution of the bankruptcy process, some parties may be exempted from liability.FTX creditor Sunil stated that in the case of FTX, S&C may have included terms that release themselves from any potential liability. Sunil is a member of the largest creditor group of FTX—the FTX Customer Ad-Hoc Committee, which has over 1,500 FTX creditors.Earlier today, it was reported that FTX and its affiliated debtors submitted a revised reorganization plan and disclosure statement to the U.S. Bankruptcy Court in Delaware on Tuesday. The plan is expected to concentrate the distribution of nearly all of FTX's assets at the time of its bankruptcy in November 2022 to global customers and other creditors. FTX anticipates that the total value of the assets collected, converted to cash, and available for distribution will be between $14.5 billion and $16.3 billion.

ChainCatcher news, FTX creditor Sunil Kavuri posted on X platform stating that Senators John Hickenlooper, Cynthia Lummis, and Thom Tillis wrote to FTX bankruptcy judge Dorsey, requesting an investigation into the low-priced sale of SOL by the FTX bankruptcy law firm Sullivan and Cromwell.According to previous reports, Sullivan and Cromwell sold SOL, originally valued at 1.7 billion USD, for 64 USDT.

ChainCatcher news, in the lawsuit filed by the U.S. SEC against Terraform Labs and its co-founder Do Kwon starting in January 2024, a U.S. court has allowed Terraform Labs to hire Dentons law firm.