The memecoin platform is now facing some serious heat over its livestream feature.
What was supposed to be a fun way for developers to promote their coins has turned into a hotbed for harmful acts, scams, and all sorts of inappropriate content.
Not so fun?
As you can imagine, this has sparked outrage in the community, with many calling for stricter moderation, or even the complete removal of the livestream option. But how we got here?
Since its launch earlier this year, Pump.fun has gained popularity as an easy-to-use platform for creating and launching memecoins.
Despite its controversies, it’s raked in $215 million in revenue and helped create over 3.8 million memecoins.
But the livestream feature has become a major point of contention due to alarming incidents involving extreme and dangerous behavior.
One particularly disturbing case involved a developer who livestreamed threats of self-harm if his cryptocurrency didn’t hit a certain market cap.
Other users have resorted to issuing threats of violence against pets or people to pressure investors into backing their projects, and that’s some pretty crazy sh*t.
It’s no wonder that safety concerns are rising, along with doubts about the platform’s credibility.
Beau, a safety project manager at Pudgy Penguins, shared a shocking incident where someone threatened self-harm during a livestream if their coin failed to meet financial goals.
“Shut down the livestream feature. This is out of control.”
Scams everywhere?
But it’s not just about harmful acts, as Pump.fun has also become a breeding ground for financial scams.
One recent example involved a young user who launched a memecoin called QUANT, quickly raised $30,000, and then vanished, leaving investors with worthless tokens. Textbook rugpull, in livestream.
This led to the individual’s personal information being exposed publicly, which only escalated tensions.
What’s the solution?
The community is split on how to tackle these issues. Some advocate for shutting down Pump.fun entirely, while others suggest simply disabling or moderating the livestream feature as a more balanced approach.
Eddie, a legal intern, criticized the platform’s lack of effective governance and remarked that much of the content on livestreams is conceptually lazy and harmful.
“There’s an art to creating engaging content. What we see on Pump.fun is neither creative nor interesting—it’s dangerous.”
In response to the backlash, Pump.fun executives have defended their platform, stressing their commitment to moderation.
Alon, one of the executives, explained that they have a team of moderators and engineers working around the clock to tackle these issues.
“Our moderation isn’t perfect, but we’re constantly improving. If users see violations, we urge them to report them immediately.”
This situation highlights a tricky balancing act for Pump.fun, as how to maintain creative freedom while ensuring user safety.
While the platform offers unique opportunities for innovation, its lack of effective controls already led to serious consequences.
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