Chaos

Impact

Safety

<p>Pump.fun, a widely used live-streaming platform for crypto enthusiasts, is under fire. Once a celebrated tool for developers to promote their projects, the platform is now mired in controversy. </p>   
<p>Many users predict a 97% chance it will be shut down, citing its failure to uphold basic safety standards—something they see as critical for running a serious crypto-focused business.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/earlyadopterNFT/status/1860994818588995815 
 </div>
</figure>   
<h2 class="wp-block-heading" id="h-livestreams-becoming-a-safety-threat"><strong>Livestreams Becoming a Safety Threat</strong></h2>   
<p>Pump.fun’s livestream feature was designed to help developers spotlight their coins, but it has taken a dark turn. In one shocking incident, a user livestreamed a self-harm threat, claiming they would hurt themselves if their coin didn’t reach a $25 million market cap. Unfortunately, this wasn’t an isolated case. Other livestreams have shown users making violent threats, some even targeting pets or other people over their coin’s performance.</p>   
<p>These alarming incidents have sparked widespread outrage. Beau, a safety manager at Pudgy Penguins, called for immediate action: <em>“Shut down the livestream feature. This is out of control.”</em> Many now question whether Pump.fun can maintain a safe and professional environment for its users.</p>   
<p><strong>Scams Troubling the Platform</strong></p>   
<p>Pump.fun has also become a breeding ground for scams. A case involving a student who created the <a href="https://coinpedia.org/news/quant-rug-pull-gen-z-kids-crypto-hustle-ends-with-missed-4m-opportunity/" target="_blank" rel="noreferrer noopener">$QUANT meme coin and pulled a rug pull</a> for $30,000 highlights the risks involved. The student was eventually doxxed, drawing attention to how vulnerable investors can be on the platform.</p>   
<h2 class="wp-block-heading" id="h-debating-the-future-shutdown-or-stricter-rules"><strong>Debating the Future: Shutdown or Stricter Rules?</strong></h2>   
<p>The Pump.fun community is divided over how to resolve these issues. Some users are calling for the livestream feature to be shut down entirely, while others suggest implementing stricter moderation. Eddie, a legal intern, criticized the platform’s weak governance, labeling its livestream content as <em>“uninteresting”</em> and <em>“conceptually lazy.”</em></p>   [post_titles_links postid="385039"]   
<h2 class="wp-block-heading" id="h-financial-success-but-at-what-cost"><strong>Financial Success, But at What Cost?</strong></h2>   
<p>Despite its troubles, Pump.fun remains financially successful. Since March 2024, the platform has generated $215 million in revenue and launched 3.8 million meme coins, according to DefiLlama. However, its rapid growth brings a significant challenge: how to expand safely while protecting users and its reputation.</p>   
<p><strong>The platform may have the numbers, but can it win back the trust it desperately needs to survive?</strong></p>

Pump.fun Faces Shutdown Over Safety Scandal and $30K Crypto Scams

Table of Contents

CoinPedia News

Other articles published on Nov 25, 2024

From $16 to $3 Million on PNUT—Is DOGEN the Next Millionaire Maker?

Kumip Emerges as one of the Top Cryptocurrency Exchanges Offering Innovation, Speed, and Security

Floki Takes Valhalla to India with Ambitious Marketing Campaign

Bitcoin's Liquidity Meets Solana's Speed: A New Era for DeFi and Blockchain Innovation

Political Betting Contracts, Cross-Chain Communication Advances, and Crypto Payments in Detroit

Veteran Trader: We Will Never See XRP Go Below $1 Again

Join our free newsletter for daily crypto updates!