Popular Solana memecoin launchpad Pump.fun has temporarily suspended its livestream feature. This suspension comes after widespread outrage over inappropriate content. The platform, known for its edgy style, came under fire after users posted violent and unpleasant livestreams on social media.
The uproar erupted as Pump.fun reported record-breaking revenue of $14.3M on Saturday. Streams ranged from violent threats to racist and disturbing content designed to promote token prices.
In response, Pump.fun's anonymous founder, alon, announced an effort to protect users from "repulsive/dangerous content." The company took down hundreds of streams, including one in which a user threatened to harm their pet. By Monday afternoon, Pump.fun had completely suspended live streams. A blog post cited "unprecedented growth" as a key challenge to content moderation.
Then, the voices from the crypto community started to pour in to show their disgust. Crypto influencer CryptoWendy revealed her dismay, saying, "Big yikes, guys. I hope you're all okay. I've witnessed terrible stuff, but this is disgusting."
Another X User emphasized the gravity of the situation. According to vohvohh, pump.fun needed to disable streaming until they find a better solution. He claimed, "Self-harm, animal abuse, sexual assault, terrorism, and many other really horrific things are occurring on pumpfun streams."
This incident represents a watershed moment for Pump.fun. The company has made roughly $250M in revenue since its inception. The platform's success has considerably boosted Solana's recent spike in demand and validator income. X user melfoy_work warned: "PumpFun turned into some fucking dark. Wild things happen on the broadcasts. People in pursuit of pumping their token started to cross the law and should be penalized."
The crypto community's opinions are mixed. Some dismiss the criticism, citing issues faced by other social networking networks. Others warn of significant reputational harm to the entire crypto industry.
The controversy has prompted a larger debate on the role of memecoins and content moderation in crypto. As Solana pushes for general adoption, others argue that memecoin culture and its possible drawbacks should be reconsidered. Pump.fun's decision to suspend live streams is a shift from its normal trolling response to criticism. The impact on traders and the platform's survival is uncertain as the crypto community deals with the aftermath of this scandal.
