The social media platform X has suspended the accounts of the cryptocurrency meme coin platform Pump.fun and its founder in a clear crackdown, resulting in the temporary banning of dozens of cryptocurrency-related accounts on the platform.
On Monday, the X accounts of Pump.fun and its co-founder Alon Cohen were shown as suspended, but X did not explain the reason, only displaying the platform's standard statement: "X will suspend accounts that violate X rules."
According to a list compiled by X user "Otto," at least 19 other accounts related to the cryptocurrency trading platforms GMGN, BullX, Bloom Trading, and the AI agent tool Eliza OS were also taken down.
For years, X has been the preferred social media platform for cryptocurrency users, and the account suspensions significantly impact the affected crypto platforms' ability to communicate with their users.
X did not immediately respond to requests for comment. Pump.fun has been contacted for a statement.
GMGN stated on Telegram that it is aware of its X account being suspended and is "actively appealing the decision, working to restore the account as soon as possible."
It added, "We are in close communication with X to expedite the resolution of the issue."
Meanwhile, several X users speculate that these accounts were suspended due to the use of third-party application programming interfaces (APIs), which X banned in January 2023.
Some claim that these platforms used external APIs to avoid the high costs of X's internal API tools, which start at an annual subscription price of $60,000 for startups.
Despite these speculations, the specific reason for the suspensions remains unknown.
X user "Braden" (whose profile indicates he is marketing for Pump.fun) stated in a post that the platform's suspension "could be a result of mass reporting nonsense."
Pump.fun has sparked controversy for simplifying the process of creating meme coins, a highly speculative cryptocurrency with no intrinsic value.
In a collective lawsuit in January, Pump.fun was accused of assisting in the creation of pump-and-dump schemes, with the lawsuit claiming that each token it helped create was an unregistered security, earning nearly $500 million in fees from it.
Related: MemeStrategy, founded by 9GAG's founder, surged 29% after its first purchase of Solana (SOL).
Original article: “Pump.fun and its founder's accounts affected in X platform's mass ban”
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