Pump.fun Under Fire for Livestream Feature Enabling Extreme Content and Financial Fraud

Pump.fun, a platform enabling swift creation of meme coins, is under fire for its livestream feature, which has sparked serious controversies.

A new platform called Pump.fun, which allows users to quickly create meme coins, has come under fire for its livestream feature, which has sparked serious controversies. The feature was originally intended to help developers promote their projects, but it has been quickly used for extreme content and financial fraud, leading to several calls for its removal.

The situation escalated when a livestream on the platform showed an individual threatening self-harm if their coin did not reach a $25 million market cap. In other instances, users threatened harm to pets or people over unmet capitalization goals. In one alarming case, a user livestreamed a self-harm threat tied to their cryptocurrency's performance, which drew widespread condemnation.

"Shut down the livestream feature. This is out of control," said Beau, a safety manager at Pudgy Penguins.

Another issue is financial scams. One incident involved a student who created the meme coin $QUANT, pocketed $30,000 in a rug pull, and was later doxxed.

Community members are divided on the solution. Some advocate disabling livestreams entirely, while others suggest stricter moderation. "The content shared on pump livestreams at the moment are not only uninteresting, but conceptually lazy," said Eddie, a legal intern, criticizing the governance.

Pump.fun executive Alon defended the platform, citing ongoing moderation efforts but admitting challenges in scaling. Despite the controversies, Pump.fun has generated $215 million in revenue since March 2024 and deployed 3.8 million meme coins, according to DefiLlama.

The platform's future depends on striking a balance between user freedom and stronger safeguards to protect its integrity and community.