TL;DR
- Pump.fun faces backlash as its livestream feature spirals into chaos with users broadcasting harmful acts, sparking community outrage and calls for stricter content moderation.
- Disturbing incidents include threats of suicide, gunfire, and violence, leading some to label the livestream feature a “pipeline of felonies” and demand its deactivation.
- Despite the controversies, Pump.fun continues to perform well financially, enabling traders to achieve substantial profits, though over 60% of traders on the platform experience losses.
Pump.fun, a decentralized platform known for enabling the creation and promotion of Solana-based memecoins, is currently facing severe backlash. The platform’s livestream feature, initially intended to help users promote their tokens, has spiraled into chaos, with users broadcasting harmful and violent acts.
This has sparked outrage among the crypto community, leading to calls for stricter content moderation or the complete removal of the livestream function.
Disturbing Incidents
The controversy began on November 25, 2024, when Beau, a safety project manager at Pudgy Penguins, flagged a disturbing incident on Pump.fun’s livestream. A user threatened to commit suicide if their memecoin did not reach a specified market capitalization.
Hey @pumpdotfun there is currently someone using your livestreams to threaten to hang themselves if the coin does not reach a set marketcap.
Absolutely heinous and It needs to come down + see if you can get them help.
Shut down the livestream feature. This is out of control.
— Beau (@beausecurity) November 25, 2024
This incident was just the tip of the iceberg. Other alarming reports soon followed, including a user firing a gun out of a window whenever their token increased in value, a child threatening violence against family members if a token failed to hit a price target, and an individual threatening to attack a school if their memecoin did not gain value.
Community Outrage
These incidents have led some members of the crypto community to label the livestream feature a “pipeline of felonies.” One user on X demanded that 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“.
The community’s frustration is palpable, with many calling for immediate action to prevent further misuse of the platform.
Pump.fun’s Response
Alon, the pseudonymous leader of Pump.fun, responded to the backlash by acknowledging the community’s concerns but defending the platform’s moderation efforts.
Alon states that Pump.fun has a dedicated team of moderators and engineers who tirelessly oversee images, videos, livestreams, and comments at all hours. “We have prioritized moderation since day one and are scaling efforts to address the increasing volume of streams and comments,” Alon stated.
Financial Success Amid Controversy
Despite the controversies, Pump.fun has continued to perform well financially. The platform has enabled traders to achieve substantial profits through meme coin investments.
For 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. However, such success stories are rare, with data indicating that over 60% of traders on Pump.fun experience losses.
