The world has long suffered from Pumpfun.

Written by: Bright, Foresight News

Following the large-scale account bans on X (formerly Twitter) on June 12, which affected many official accounts in the Meme space (such as GMGN, ElizaOS team) and KOL accounts, the official account of Pumpfun, the hottest and most profitable Meme launch platform for 2024-2025, as well as the account of its founder Alon, were also banned.

Rumors are flying

In no time, the internet was abuzz with speculation, and manipulated images spread fake news virally on X. The first to emerge was a so-called image claiming "the US SEC is regulating Pumpfun." In fact, the tiny text in the upper left corner stating "This is a joke" already indicated that this image was for entertainment purposes only, and the tag "#InvestSmart" was quite sarcastic. However, the official-looking screenshot fooled many users on X both domestically and internationally, leading to widespread sharing.

Next was a news account db @tier10k claiming "Pumpfun's founder was arrested in New York." Upon verification, this screenshot, which even failed to capture the full number of comments below, was also fabricated.

Aside from the fake news, the fastest-spreading rumors regarding the ban of the Pumpfun account are that Pumpfun may be involved in legal lawsuits and a series of subsequent regulatory troubles. Reports suggest that anyone using Pumpfun to inflate sales for profit will bear legal responsibility.

Overseas law firms have jumped in to advertise, claiming they will assist clients who lost money on Pumpfun in seeking compensation.

However, in January 2025, multiple collective lawsuits against Pumpfun and its members had already occurred in North America. It is certain that this sudden wave of bans differs from the false account reasons given during the account ban wave on June 12.

Some community members speculate that Pumpfun may have seriously violated API usage regulations, as X platform is actually cracking down on "black market" data acquisition. They believe that Pumpfun used Twitter trackers and snipers (tools that can quickly track tweets or wallets). However, these tools did not obtain data directly from the X platform through legal means, and this unauthorized data acquisition is seen as encroaching on X's "cake," as the official API fees for businesses on X can reach up to $42,000 per month. Unauthorized use for data scraping likely violates the platform's terms of service and is regarded as abnormal access behavior or abuse of system resources.

Currently, one possible reason mentioned online for Pumpfun's ban seems to be its support for terrorist financing activities. Whether the TGE originally scheduled for June 21 will be affected remains unknown.

It is important to note that the situation regarding Pumpfun's ban is still in a period of public opinion fermentation, and the facts are far from conclusive. However, X's crackdown on accounts promoting cryptocurrency markets and platforms is becoming increasingly severe, which may warrant caution from all practitioners in the crypto industry.

The crypto world has long suffered from Pumpfun

However, in the face of this large-scale FUD, voices on X have emerged saying, "With Pumpfun's downfall, a bull market is about to begin."

According to Onchain Lens monitoring, since 2025, PumpFun has transferred a total of 2.344 million SOL to Kraken exchange, with a cumulative value of approximately $384 million. The strong correlation between Pumpfun's transfers and the short-term decline of Sol has sparked widespread skepticism within the industry regarding its frenzied selling for profit.

Since its launch in the first quarter of 2024, Pumpfun has achieved a cumulative revenue of $700 million, becoming one of the most profitable projects in the crypto economy, thanks to a 1% trading fee and a binding curve mechanism. Recently, it even announced a $1 billion financing for the TGE. However, the phenomenon of ordinary investors losing money on Pumpfun is becoming increasingly severe, with systemic risks such as market manipulation bots and insider trading expanding; the originally simple community culture has transformed into a complex "meme coin industrial chain." All of this has led to the current speculative frenzy in Memes no longer resembling its former self.

Moreover, Pumpfun's behavior of launching the third-largest financing in crypto history towards a loss-making user group without clearly stating the use of funds shows a disregard for the community. After February 2025, Pumpfun's revenue experienced a "snowball" decline, failing to produce a single Meme project with a market value exceeding $1 million for several consecutive days. Meanwhile, new Meme launch platforms have been emerging one after another, whether it be Four.meme on the Bsc chain at the beginning of the year or subsequent platforms like LetsBonk.Fun and Believe, all challenging Pumpfun's monopoly position as an established launch platform and siphoning off its traffic. The severe fragmentation of funds and attention, along with the rampant insider dealings and conspiracies, has led investors to increasingly distrust Memes, with their grievances shifting onto Pumpfun.

After all, who would want to play with someone who breaks the pot after eating? The originally scheduled TGE for Pumpfun may now add some suspense.

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