On June 16, 2024, social media giant X unexpectedly suspended the official account of Pump.fun, a memecoin creation platform on the Solana
$
153 blockchain, along with the personal account of its co-founder, Alon Cohen.
Other memecoin-focused projects like GMGN, Bloom Trading, BullX, and ElizaOS were also affected by this decision, creating shockwaves across the cryptocurrency community. Platform X has yet to disclose the official reason behind these suspensions, while Pump.fun’s main website continues its operations without interruption.
The Mystery Behind Account Suspensions
X platform has not provided any official statement explaining the account suspensions. This silence has led to various speculations ranging from non-compliance with content policies to suspicions of illegal activities. In cryptocurrency circles, there is speculation that the platform is taking measures due to increasing regulatory pressures.
The close monitoring of the cryptocurrency sector by the United States Securities and Exchange Commission (SEC) and potential new regulations further fuel these speculations. However, neither X platform nor the relevant regulatory bodies have provided any official confirmation or explanation related to the suspensions. This uncertainty raises more questions about the backdrop of the incident.
Pump.fun Maintains Web Operations
Despite disruptions to its social media presence, Pump.fun’s main website remains fully accessible and operational as of the morning of June 18, Tuesday, Asian time. Users continue creating new memecoins using the Solana blockchain without any restrictions.
The closure of social media accounts significantly hinders the platform’s communication and public relations activities with its community. Users express concern about experiencing difficulties accessing updates and announcements, highlighting the tension between the continuity of centralized services and the dependence on social media.
Security Measures Taken in the Past
Last year, Pump.fun permanently closed its livestream feature due to concerns about platform reputation and security. This decision came after detecting broadcasts promoting violence or containing extreme content. The platform management emphasized prioritizing user safety and compliance.
While this previous measure reflects Pump.fun’s sensitivity to regulatory expectations and content rules, it remains unclear whether current social media suspensions are connected to similar security or compliance issues. The events underscore the fragility of relationships between cryptocurrency projects and social media platforms, as well as the uncertainties in the regulatory environment.
