Memecoin Platform Pump.fun Suspended, SEC Rumored to be Involved
The popular memecoin launchpad platform in the Solana ecosystem, pump.fun, along with the official X account of its founder, Alon Cohen, has been suspended by the social media platform. The official account "pumpdotfun" and Cohen's account "a1lon9" have been inaccessible since Monday night US time, allegedly due to violations of X platform rules. This suspension has sparked widespread speculation, including the possible involvement of regulators like the SEC or illegal activities in the operations of pump.fun. Nevertheless, the main site of pump.fun continues to operate normally.
Pump.fun had previously come under scrutiny for allegedly facilitating memecoin projects that led to fraudulent schemes and pump-and-dump activities. Last January, the platform was sued in a class-action lawsuit for allegedly selling unregistered securities and raising nearly $500 million from transaction fees. Amid this controversy, pump.fun reportedly plans to hold a token sale worth $1 billion with a valuation reaching $4 billion—although without clear details. This suspension also aligns with a wave of account blockings related to memecoins on X, including GMGN, Bloom Trading, and BullX, indicating a potential tightening of regulations in the memecoin sector.
