Pump.fun Faces Backlash Over Alleged Harmful Content on Platform’s Livestream

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated: 

November 24, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Pump.fun, a decentralized platform enabling the creation and promotion of Solana-based memecoins, is facing criticism after users allegedly broadcasted harmful and violent acts through its livestream feature.

The platform, which allows users to promote their tokens via community tools like livestreams, has sparked outrage among crypto enthusiasts who are now demanding stricter content moderation or the removal of the livestream function altogether.

Man Threatens Suicide on Pump.fun Livestream

The controversy began on November 25 when Beau, a Pudgy Penguins safety project manager, flagged a disturbing incident on Pump.fun’s livestream.

Beau reported a user who threatened suicide if their memecoin failed to reach a specified market capitalization.

In response, Beau urged the platform to intervene, disable the livestream, and offer support to the individual.

He also called for the complete shutdown of the livestream feature, arguing that it had already spiraled “out of control.”

Other alarming reports have since emerged.

One user allegedly fired a gun out of a window whenever their token increased in value.

Another case involved a child threatening violence against family members if a token failed to hit a price target.

Perhaps most shocking was a claim of an individual threatening to attack a school if their memecoin did not gain value.

These incidents led some members of the crypto community to label the livestream feature a “pipeline of felonies.”

One X user demanded Pump.fun deactivate the feature until proper moderation tools are in place, stating, “Turning on a camera to showcase your own depravity to the world isn’t noble or novel.”

Alon, the pseudonymous leader of Pump.fun, responded to the backlash, acknowledging the community’s concerns but defending the platform’s moderation efforts.

According to Alon, Pump.fun employs a team of moderators and engineers who work around the clock to monitor images, videos, livestreams, and comments.

“We have prioritized moderation since day one and are scaling efforts to address the increasing volume of streams and comments,” Alon stated.

Pump.fun Meme Coins Make Lucky Traders Rich

Pump.fun has recently garnered attention for enabling traders to achieve substantial profits through meme coin investments.

In one instance, a crypto trader transformed an investment of 13 SOL (approximately $3,300) into 9,718.5 SOL, resulting in a profit of $2.5 million by trading 76.46 million Slopfather (FATHA) tokens.

In another instance, a lucky trader turned $857 into $2 million after purchasing 23 million $FWOG meme coins.

However, such success stories are rare.

Data indicates that over 60% of traders on Pump.fun experience losses, with less than 10% achieving significant profits.

Furthermore, data from Dune shows that less than 3% of traders made over $1,000 profit with such meme coins.