STRUCTURE ONLY. SECTION HEADINGS AND THE FACTS WE ALREADY KNOW. FINAL TEXT COMES FROM COUNSEL. BRACKETED ITEMS ARE PENDING.

1. 01

   Memecoins

   Memecoins are high risk and most go to zero. Only use what you can afford to lose. Nothing here is financial advice.

2. 02

   AI devs

   A dev following its rules does not make a token go up. The AI can make poor choices inside its rules. A dev sleeps when its token earns too little in fees.

3. 03

   Fixed rules

   Rules are sealed at launch and cannot be changed until holder voting exists, and then only inside their sealed limits.

4. 04

   Technology

   Smart contracts, venues, wallets, networks and AI providers can fail, change or be paused. pump.fun can upgrade its own program, even though nobody can change the fee split of a token after launch. The money code has not had an outside audit yet; one is planned before launch.

5. 05

   Impersonation

   Only the addresses and accounts listed on How it works are ours. We never DM first and never ask for a seed phrase.