Author: BitPush
In the early hours of June 17, Beijing time, the X (formerly Twitter) platform experienced another large-scale account banning incident, affecting the popular meme token platform Pump.fun and its co-founder Alon. This follows a massive account suspension action on June 12. Dozens of accounts belonging to key opinion leaders (KOLs) and project teams in the crypto space, including the core accounts of the GMGN ecosystem and the Bloom Trading team, were also banned, marking a "ban storm" sweeping through the crypto industry on X.
According to community tracking, in addition to Pump.fun, a large number of accounts related to GMGN and other independent KOLs and project accounts were also banned.
These include:
GMGN related accounts:
- @gmgnai
- @haze0x (Founder)
- @arthur_gmgn (Co-founder)
- @Ga__ke (Associated account)
- @brc20niubi (Associated account)
- @Wolfy_XBT (Associated account)
- @0xcryptowizard (Associated account)
- @ivyflame (Team member)
- @gmgnaiJapanese
Bloom related accounts:
- @BloomTrading
- @imBFFF00 (Team member)
- @nftraian (Team member)
- @CookerFlips (Partner)
- @vibed333 (Associated account)
Other banned accounts:
- @bullx_io
- @ElizaOS (Team)
- @shawmakesmagic
- @uxento
- @Nuotrix_
Community Comments and In-depth Analysis of Reasons
Although the X platform has not provided a clear official explanation, various speculations and analyses are circulating within the community, attempting to explain the reasons behind this large-scale account banning:
- Severe Violation of API Usage Regulations: The X platform is strictly cracking down on "black market" data acquisition. Analysts have pointed out that some crypto applications like Pump.fun, GMGN, Bloom, and Uxento used Twitter trackers and snipers (tools that can quickly track tweets or wallets). However, these tools allegedly did not obtain data directly from the X platform through legitimate means, but rather used "black market" or shared APIs—methods of accessing X platform data that are unofficial or unauthorized.
The X platform has begun to crack down on such behaviors. There have been precedents, as another tool, WuupX, received a cease and desist letter for violating Twitter's terms of service. Now, other accounts using similar setups are also starting to be banned. This unauthorized data acquisition method is seen as encroaching on X's "cake," as the official API fees for businesses can reach up to $42,000 per month. Unauthorized use for data scraping is likely to violate the platform's terms of service and be regarded as abnormal access behavior or abuse of system resources.
Platform Manipulation and Spam Behavior: Users like @sakakimay1995 have analyzed that some banned accounts, particularly ElizaOS and GMGN, may have automated posting frameworks (agents that automatically post on X) or generate large amounts of homogeneous content to guide users to purchase meme coins. This bulk-generated, structurally similar content that lacks sufficient user interaction can easily be classified by the platform as spam or platform manipulation.
"Excessive Liquidity Extraction" Allegations and Potential Fraud Mechanisms: Crypto KOL Mary (@MaryWynnReal) pointed out that the banning of Pump.fun's founder by X may be related to an anomaly called "Liquidity Harvesting 2.0." Mary stated that this is an alleged mechanism through which funds in user wallets mysteriously disappear and reappear in suspicious wallets.
She also mentioned that this occurred hours after internal reviews on the platform suggested it might have "accidentally innovated excessively in financial concepts." Additionally, Pump.fun's homepage has been jokingly referred to by users as the "Slot Machine of DeFi," a term that reportedly caught the attention of "regulatory interns who are quite idle and only have a superficial understanding of crypto memes."
Rumors of an "AutoRug" Feature: Mary's comments further revealed that insiders claimed the founder of Pump.fun had been developing a new feature called AutoRug, aimed at saving time for developers and "exit liquidity participants" (i.e., those who buy at high prices). A Telegram administrator described it as: "It's really efficient. You post a token, it rugs itself, and then you get a push notification. It's like Uber Eats, but what you get is financial despair."
Potential Violations Across Multiple Jurisdictions: In addition to "minor violations" of X's rules, this account banning may also be related to alleged violations in four jurisdictions, suggesting that the incident could involve broader legal or regulatory implications.
Crackdown on Meme Coin Promotion Accounts: Another viewpoint suggests that this wave of account bans may be a concentrated effort by the X platform to regulate accounts that frequently post various meme token contract addresses (CAs). Given the high-risk nature of the meme coin market and potential market manipulation concerns (e.g., Pump.fun's projected $1 billion revenue in 2024 with only 0.4% of wallets profitable, and 80% of meme coins crashing), X may be strengthening its oversight of the promotion of such high-risk financial products.
- Relatively "Far-fetched" Speculations: There are also some more "far-fetched" speculations, such as those involving the posting of memes related to Trump or Musk, but these are generally not considered the main reasons.
Community Response and Current Status of Pump.fun
The sudden and large-scale nature of this incident has raised doubts among many KOLs and project teams regarding X's content regulation mechanisms. Banned accounts are gradually filing appeals, and as of the time of this article's publication, Pump.fun's official website and operations through other channels remain active. Discussions within the community regarding this large-scale account banning are still ongoing, and more details and an official response from the X platform are yet to be observed.
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