Why Pump.Fun Getting Hate & Boycott Threats?
Pump.Fun is a popular Solana memecoin launcher, which allows users to create any meme-themed cryptocurrency within minutes. With that, it has become one of the fastest-growing crypto projects. It has launched millions of tokens and earned over $215M in revenue, representing its popularity in the market. However, it is constantly getting criticism from netizens for overcrowding the crypto space with valueless tokens. Conerningly, the criticism has grown even higher due to its failure to control the explicit content.
Pump.Fun User Threat Boycott Over Disturbing Content
With the crypto platform and Solana memecoins popularity, the team introduced a live stream feature a few months ago. It was to allow the users to promote their tokens to a widespread audience. However, instead, Pump.Fun has become the medium for spreading explicit content. It includes publication of content including threats, violence, animal mistreatment, and even suicide, porn, and other similar disturbing content.
One such content sparks the need for immediate action, as the 12-year-old live streamer threatened to kill his family. He claimed that he would kill them with a shotgun if his token did not get the market cap of 60k. An X user, GB, also shared another concerning story, in which a live streamer couple punched their 3-month-old every four minutes to pump their tokens market cap to 15k.
They need to shut it down immediately, these happened yesterday pic.twitter.com/gnsJzfp7Ue
— GB (@GratefulBruh) November 25, 2024
Regardless, there is no end to such videos and other illicit content shared through the livestream feature. Though many are still using it for the intended use, which is promoting their tokens, the exploitation, and dangerous acts have disgusted the users, making them publish boycott threats.
Pump fun needs to turn off livestreams immediately.
Instant financial gratification in return for obscenity has created some truly disgusting outcomes
I’d genuinely advise PF to turn off their livestream feature until they can get moderation active. The content being streamed… pic.twitter.com/RQhduYMeCG
— Eddie
(@DancingEddie_) November 22, 2024
Will It Get Banned in The US?
Pump.Fun’s trouble is not limited to the content, as the crypto scams are also rising on the platform. Earlier, a Genz kid scammed people with a rug pull scam in the QUANT token on the stream. More importantly, he again created two more tokens and did the same to make the profits. Many similar cases are easily heard about this platform, leading to Beau, a safety project manager at Pudgy Penguins, demanding the Pump.Fun ban, which is supported by hundreds of other people.
The US government is bringing stricter action over crypto scams. Even the FBI busted a crypto scam after launching a fake token, denoting their seriousness on this matter. With many similar strict actions, the DoJ has cautioned the scammer for their future. Additionally, with Donald Trump’s win in the US election, a clear picture of crypto rules and regulations will be seen in the upcoming months, whose impact will also be visible in the crypto scam prohibitions. For now, there are just rumors about the Pump. Fun ban, but there is nothing proven.
Moreover, the Pump .fun executive, Alon, defended the platform in an X post on November 23, claiming that they are actively moderating content on the platform and are working on restricting the bad actors from misusing.
with the live streaming meta on in full force there have been many people that came forward with some very legitimate concerns regarding what content that is allowed on the platform
let me make it abundantly clear: we actively moderate illicit content on the site. that includes…
— alon (@a1lon9) November 22, 2024
However, he also mentioned that they agree with free speech and expression before asking the netizens to tag porn content with “include NSFW” toggle like they do on X and Reddit to block such coins and content. Regardless, Pump.Fun is in big trouble with rising crypto scams and explicit content, which could affect its future, especially in terms of legal issues.
The post Why Pump.Fun Getting Hate & Boycott Threats? appeared first on CoinGape.
