Memecoin factory Pump.fun forced to act as memecoiners lose their minds

Only a backlash from the crypto community and possible legal action forced the meme coin launch platform Pump.fun to turn off its livestream function as memecoiners got violent with shocking videos.

The platform claims it has been taking down "hundreds of streams daily," but Pump.fun "has experienced unprecedented growth recently, with the daily number of live streams increasing by over 100x in under a week."

The most popular meme coin platform, launched on the Solana (SOL) blockchain, now claims it will be pausing its live streaming functionality "for an indefinite time period until the moderation infrastructure is ready to deal with the heightened levels of activity." It has also promised to "be significantly more transparent" about the rules and regulations for using the site by publishing guidelines.

However, the livestream functionality was turned off only after the community's backlash intensified, calling for the platform to act.

On social media, reports surfaced about a teenage streamer who threatened to kill his entire family with a shotgun if his token didn't reach a $60,000 market capitalization. Meanwhile, a man and a woman were shown punching their toddler in the face every four minutes in an attempt to pump their token. Another livestream featured someone threatening to hang themselves, while others claimed they would shoot their dog if their meme coin didn't hit an $11 million market cap.

This is what we have allowed Web3 to become because it’s all harmless, right?

It’s permissionless and no one has died…yet

People threatening animals
Eating their own 💩 live
Firing weapons out windows
Idiot sitting on toilet for over 72 hours now

This is NOT ok pic.twitter.com/UunYIjA3WD

undefined DBCrypto (@DBCrypt0) November 25, 2024

Meanwhile, lawyers warned that Pump.fun might be liable for its actions. "I think no one in crypto has heard of the Children's Online Privacy Protection Act (COPPA)," said lawyer Gabriel Shapiro.

Another lawyer, Preston Byrne, noted that the platform "does a lot very incorrectly from a social media law [point of view]."

Mikko Ohtamaa, co-founder of Trading Strategy, an algorithmic trading protocol for decentralized markets, stressed that while he advocates for freedom of speech, "these streams are causing practical issues where people are breaking the law in live broadcasts."

"This will trigger a shutdown when the mainstream media catches wind of this. It will become an easy target for career politicians and police to go after, and further the 'crypto is only for criminals' narrative," Ohtamaa said.

Meanwhile, new token launches on Pump.fun reached new heights in November as people rushed to gamble on meme coins.