Pump.fun Suspends Livestreams After Backlash Over Disturbing Content

The platform pump.fun, known for its Solana-based memecoin launchpad, suspended its livestream feature amid backlash over disturbing content. The platform’s anonymous founder stated they would work to protect users from "repulsive and dangerous content." This decision came after several violent and inappropriate livestreams circulated widely on social media. By Monday afternoon, pump.fun had deactivated its livestream function temporarily.

The controversial streams included token promoters making violent threats if the coin’s price didn’t rise, along with offensive content meant to shock viewers and manipulate token values. This occurred just after pump.fun achieved record earnings, making $14.3 million in one day, nearly tripling its previous best.

Pump.fun has built a reputation for edgy and often controversial content. The platform has drawn comparisons to 4chan due to its lax moderation and history of racially insensitive and pornographic tokens. Prior to this incident, pump.fun had not enforced content restrictions. However, the recent viral spread of the disturbing livestreams led its founder, known only as alon, to announce that the platform would take action to prevent harmful content. In one of his posts, alon confirmed the platform had removed a stream where a user threatened to harm their dog unless a token's market cap increased. He added that the platform had already removed "hundreds of streams" in response to complaints.

Around 2:00 p.m. on Monday, pump.fun disabled its livestream feature altogether. In an official statement, the platform explained that "unprecedented growth" had made content moderation difficult, leading to the decision to pause livestreams "for an indefinite period."

This pause comes at a critical time for pump.fun, which has gained significant traction as the most viral application on the Solana blockchain. The platform has generated nearly $250 million in revenue since its launch, much of it driven by memecoin activity. This has led to a surge in demand for Solana’s blockchain space, which has in turn benefited the blockchain’s validators.

Within the Solana community, many view memecoins as a test of the network’s capabilities, while others see them as a form of entertainment or even a legitimate financial product. Even among critics of memecoins, there is reluctance to impose restrictions on what developers do with blockchain technology.

Some in the crypto community have brushed off the backlash, arguing that every major social media platform has faced its own content moderation issues. However, as Solana and other cryptocurrencies work to gain mainstream acceptance, some are raising concerns about the darker side of memecoin culture.

One notable critic, Zach Rynes from Chainlink, warned that pump.fun’s actions could lead to lasting damage to the crypto industry’s reputation, comparing it to the fallout from FTX. Tech lawyer Preston Byrne also pointed out that pump.fun's approach might violate social media regulations.

Up to this point, pump.fun’s strategy has often been to mock its critics with trolling responses. However, with the livestream feature now disabled, it seems that this particular wave of criticism has struck a nerve. It remains uncertain whether this decision will have a long-term impact on the memecoin community and the traders who frequent the platform.