#GENIUSActPass Is the Solana memecoin sector in trouble? X blocks accounts linked to Pump.fun.
The crypto community suspects that the Solana memecoin sector may be facing serious legal issues. In this regard, the Securities and Exchange Commission (SEC) is reportedly preparing a lawsuit against the Pump.fun platform. With this platform, anyone can easily and quickly create tokens with low budgets.
Speculations about a possible lawsuit against the platform intensified after the suspension of the Pump.fun account on the social network X. Simultaneously, the account of its founder, Alon Cohen, also received the same sanction from Elon Musk's network.
According to community suspicions, it is only a matter of time before this platform faces greater scrutiny from regulators. Pump.fun is one of the most controversial projects and is accused of massively incentivizing pump-and-dump frauds and other types of scams against investors. Even within the crypto community, constant criticisms are raised against it.