Pump.fun is a decentralized Memecoin issuance platform based on the Solana blockchain, allowing users to publish their own Memecoins with a very low cost (around 0.02 SOL) at the click of a button. Since its launch in early 2023, the platform has quickly attracted a large number of users, especially cryptocurrency enthusiasts interested in meme coins.

The core features of Pump.fun include simplicity, real-time trading, and low costs. Users can easily create new Memecoins by providing the token name, code, and image, without the need for initial liquidity. The platform uses a joint curve mechanism to determine token prices, which automatically increase as demand rises, rewarding early investors. When a token reaches a specific market value, the platform automatically deposits its liquidity into a decentralized exchange to enhance liquidity and stability.

Pump.fun Live Streaming Platform Out of Control

Since November, the live streaming feature of Pump.fun has sparked a "live streaming with memes" craze on the platform after a round of heavy promotion. However, the live streaming platform quickly spiraled out of control, with users beginning to post extreme content to attract attention. Extreme behaviors, including self-harm threats, animal abuse, and pornographic content, have pushed Pump.fun to the forefront of legal and regulatory scrutiny.

Here are some unsafe statistics regarding extreme incidents on the live streaming platform:

• A 12-year-old boy threatened to harm himself and his family if their token did not reach $60,000.
• A couple beat their child during a live stream when a market cap milestone event occurred.
• A man shot a gun out of his window to celebrate a significant milestone.
• Webcam models engaged in explicit behavior to hype the currency.
• Videos of animal abuse were streamed online.
• A user threatened to shoot his dog if their token's market cap did not reach $1 million.

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Accusations and Criticism

In response to these extreme incidents, industry insiders and community members have criticized Pump.fun's live streaming feature and called for its shutdown. Beau tweeted yesterday (November 25) suggesting that Pump.fun disable the live streaming feature, stating, "This has gotten out of control."

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Özge Erdemir tweeted, "These people are just crazy, willing to do anything insane, like school shootings, torture, exposing their bodies…"

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Yuriy Brisov, a partner at Digital and Analogue Partners, pointed out that these extreme behaviors provide justifiable grounds for criminal investigations and civil lawsuits.

Some users have referred to Pump.fun's live streaming feature as a "hotbed of crime" and called for stricter content moderation or a complete shutdown of the feature. Meanwhile, legal experts warn that although the platform enjoys certain protections under Section 230 of the Communications Decency Act, it still faces legal challenges if it fails to reasonably moderate content.

Pump.fun's Official Response

In the face of such severe public pressure, Pump.fun's co-founder Alon issued a statement on social media, stating that while the platform supports freedom of speech and expression, it has a responsibility to ensure users do not encounter obviously offensive or dangerous content.

Currently, Pump.fun announced today (November 26) that it has decided to indefinitely suspend the live streaming feature until it can ensure an appropriate content moderation mechanism is in place. Alon also stated that the platform has assembled a large moderation team working around the clock and encouraged community members to report inappropriate content.

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Conclusion

The out-of-control incident on Pump.fun's live streaming platform highlights the importance of content moderation and presents new challenges regarding the responsibilities of decentralized platforms. As the cryptocurrency industry continues to evolve, platforms must remain vigilant in content management while enjoying the benefits of increased traffic to maintain the healthy development of the industry. In the future, Pump.fun needs to ensure the safety and compliance of its platform while continuing to innovate to avoid similar incidents from occurring again.

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