Wave of Bans: Pump.fun and Memecoin Accounts Blocked on X

Social network X has blocked the accounts of popular Solana-based memecoin startup Pump.fun and its founder, Alon Cohen. The suspension also affected numerous other memecoin platforms.As of 11 p.m. CET time on June 16, the platform’s official ‘pumpdotfun’ account and Cohen’s personal ‘a1lon9’ profile remain blocked due to alleged violations of social media rules.The suspension provoked active discussion on social network X. Users put forward various theories about what happened — from possible intervention by the Securities and Exchange Commission (SEC) to suspicions of illegal activities by Pump.fun. At the same time, the main platform continues to function normally.Source: pump.funPump.fun has become the centerpiece of the recent memecoin boom on the Solana blockchain. However, it is regularly criticized for facilitating fraudulent cryptocurrencies and ‘pump-and-dump’ schemes.A class action lawsuit was filed against Pump.fun in January. The plaintiffs accuse the platform of offering and selling “highly volatile” unregistered securities to investors. The company received nearly $500 million in commissions.Earlier this month, it was reported that the memecoin startup plans to raise $1 billion through token sales at a company valuation of $4 billion. Details of the offer have not yet been disclosed.X blocked the accounts of several other crypto platforms and related services, including GMGN, Bloom Trading, and BullX. This could indicate that Pump.fun’s suspension was part of a broader campaign against memecoin services.The social network has not provided an official explanation for the mass blocking.Get Started on eToroeToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.