Why Pump.Fun Getting Hate & Boycott Threats?

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I have witnessed the rise and fall of countless innovative projects, and Pump.Fun seems to be following a familiar trajectory – albeit at an accelerated pace. While it’s impressive that Pump.Fun has managed to carve out a niche for itself within the crypto space, its meteoric growth has unfortunately been marred by a series of unfortunate events.

Pump.Fun is a rapidly expanding Solana-based platform that enables users to quickly develop meme-themed cryptocurrencies. This rapid growth makes it one of the most notable crypto projects currently available. To date, it has launched numerous tokens and generated over $215 million in revenue, demonstrating its market appeal. However, it has faced criticism from online communities for flooding the crypto market with tokens that may not hold value. Additionally, concerns have escalated due to its inability to regulate explicit content effectively.

Pump.Fun User Threat Boycott Over Disturbing Content

Recently, due to the surge in popularity of cryptocurrency platforms like Solana and memecoins, the team introduced a live stream feature a while back, intended for users to showcase their tokens to a broader audience. Regrettably, it appears that Pump.Fun, initially designed for this purpose, has instead become a platform for disseminating inappropriate content. This content ranges from threats and violence, cruel treatment of animals, discussions about suicide, pornography, and other disturbing material.

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

— GB (@GratefulBruh) November 25, 2024

Despite the fact that there’s an endless supply of such videos and inappropriate content being streamed, it continues to be shared via the live streaming feature. While some are still employing it for its original purpose, which is advertising their tokens, the occurrence of exploitation and risky behaviors has left users appalled, leading them to publicly express their intentions to boycott.

Pump fun needs to turn off livestreams immediately.

Instant financial gratification in return for obscenity has created some truly disgusting outcomes

It would be best for PF to temporarily disable their live streaming function until they can effectively manage moderation. The current content being broadcast…

— Eddie (@DancingEddie_) November 22, 2024

Will It Get Banned in The  US?

The issues facing Pump.Fun extend beyond its content, as there’s been an increase in crypto scams on the platform. Most notably, a young individual swindled people with a rug pull scam involving the QUANT token during a live stream. Even more concerning, this person created two additional tokens and repeated the scam to amass profits. Unfortunately, such incidents are not uncommon on Pump.Fun, leading Beau, a safety project manager at Pudgy Penguins, to call for a ban on Pump.Fun, a request that is backed by hundreds of others.

The U.S. administration is tightening its grip on crypto fraud cases. In fact, the FBI recently dismantled a crypto scam following the release of a counterfeit token. Moreover, the Department of Justice has issued warnings to these offenders. As for Donald Trump’s victory in the U.S. election, it’s expected that clearer guidelines regarding cryptocurrencies will emerge in the near future, possibly affecting crypto fraud as well. For now, there are only whispers about a potential new trend called ‘Pump’, but no definitive evidence has surfaced yet. Just a friendly reminder that these are speculations and not facts at this point.

Furthermore, Alon, an executive at Pump.fun, spoke up in a recent post on X dated November 23, asserting that they are proactively monitoring content on their platform and taking measures to prevent malicious users from abusing it.

With live streaming at its peak, numerous individuals have voiced genuine apprehensions about the type of content permitted on this platform.

let me make it abundantly clear: we actively moderate illicit content on the site. that includes…

— alon (@a1lon9) November 22, 2024

Despite advocating for the importance of free speech and expression, he suggested that people should label pornographic content using an “NSFW” (Not Safe For Work) option, similar to platforms like X and Reddit. Regardless, Pump.Fun is facing significant challenges due to an increase in crypto scams and explicit content. This could potentially lead to legal troubles in the future.

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2024-11-25 14:00