Wave of Bans: Pump.fun and Memecoin Accounts Obstructed on X
Pump.fun and its founder were suspended on X, along with other memecoin accounts, amidst speculation, legal concerns, and no main explanation.
Social network X has actually obstructed the accounts of popular Solana-based memecoin start-up Pump.fun and its founder, Alon Cohen. The suspension also impacted many other memecoin platforms. As of 11 p.m. CET time on June 16, the platform’s main ‘pumpdotfun’ account and Cohen’s personal ‘a1lon9’ profile remain blocked due to alleged violations of social networks rules.
A wave of speculation and theories
The suspension provoked active conversation on social network X. Users put forward various theories about what occurred– from possible intervention by the Securities and Exchange Commission (SEC) to suspicions of prohibited activities by Pump.fun. At the very same time, the primary platform continues to function normally.
Source: pump.fun
Legal difficulties and ambitious plans
A class action suit was filed versus Pump.fun in January. The complainants implicate the platform of offering and selling “extremely unpredictable” unregistered securities to investors. The company got almost $500 million in commissions.
Earlier this month, it was reported that the memecoin startup prepares to raise $1 billion through token sales at a business evaluation of $4 billion. Details of the offer have actually not yet been disclosed.
Large-scale account sweep
X obstructed the accounts of numerous other crypto platforms and related services, consisting of GMGN, Flower Trading, and BullX. This might suggest that Pump.fun’s suspension belonged to a broader campaign against memecoin services. The social media network has not provided a main explanation for the mass blocking.
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