Some sources claim the affected accounts possibly violated some X rules.
Around 20 meme coin projects were affected by the suspension on Tuesday. As of press time, Pump.fun had recovered its account. Most of the affected accounts have since recovered their handles.
Some sources claim the affected accounts possibly violated some X rules. The suspension triggered conversations on crypto Twitter about the possible involvement of regulatory bodies like the US Securities and Exchange Commission (SEC.) The situation also raised concerns about the censorship posed on centralized platforms like X.
X has, over the years, emerged as the preferred social media platform for many crypto projects. So, an account suspension not only disrupts communication but also poses a risk to established communities on X.
Pump.fun gained popularity as a Solana-based meme launchpad. However, the project currently faces multiple legal challenges tied to its operations. Pump.fun was hit with a lawsuit earlier this year, following claims that it acted as an unregistered securities issuer. The suit claimed the platform exploited investors of nearly $500 million in fees using a strategy similar to pump-and-dump schemes.
The UK’s Financial Conduct Authority banned the platform, claiming it operated without authorization. The FCA also said the meme coin launchpad could expose users to fraud. Some of the allegations include false marketing campaigns, poor KYC/AML oversight, and catering to minors.
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ETH**LAWSUIT ALERT** Burwick Law and @WolfPopperLLP have filed a second federal class action lawsuit on behalf of investors against the PumpdotFun platform. Full complaint available below.
