According to CoinMeta, AI16Z co-founder Shaw responded to pump.fun's infringement allegations, stating that smart contracts are on-chain bytecode and accessible to anyone, and that their reverse engineering activities were for the public good rather than for profit. Shaw believes that closed-source contracts carry extremely high risks and that in the past year, they have led to the theft of approximately $40 million in user funds. They called on pump.fun to actively open-source their contracts to enhance security. Previously, on October 29th, pump.fun's parent company, Bracket Company Inc, sent a cease-and-desist letter to Shaw through its law firm, Brown Rudnick.