On June 16, social platform X (formerly Twitter) without warning blocked the accounts of the Solana platform for creating meme coins Pump.fun, its co-founder Alon Cohen, and 19 other cryptocurrency projects, including GMGN, BullX, Bloom Trading, and Eliza OS. This was reported by Decrypt and Cointelegraph. The blocking occurred ahead of the planned token sale of Pump.fun for $1 billion with a valuation of $4 billion, triggering a wave of speculation in the crypto community.
X did not provide official explanations, only pointing to violations of platform rules. Users speculate that the reason could be the use of unauthorized APIs to obtain data, which has been prohibited since January 2023, or mass complaints. Other sources, such as BeInCrypto, mention rumors about an SEC investigation into Pump.fun, although there is no official confirmation. The Pump.fun platform continues to operate, but the loss of an account with 450,000 subscribers complicates communication with the audience.
This incident highlights the growing tension between crypto projects and social networks amid regulatory pressure. GMGN is already contesting the ban, and the community is awaiting a response from Pump.fun. Stay tuned for updates to not miss any news!
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