X Bans Pump.fun and Founder Alon's Accounts

TL;DR

• Social media platform X has banned the accounts of memecoin launchpad Pump.fun and its founder.

• X also banned accounts linked to GMGN, Bloom Trading, and BullX.

X Comes After Pump.fun’s Account

Social media platform X has suspended the accounts of popular Solana memecoin launchpad pump.fun and its founder, Alon Cohen. This latest development comes as X has also banned multiple other memecoin-related accounts.

The ban indicates that the accounts violated rules on X. This latest development sparked speculation on X, including concerns about potential involvement of the Securities and Exchange Commission (SEC), or likely pump.fun's operations.

Pump.fun remains one of the most popular memecoin launchpads in the crypto space. However, it has drawn criticism for serving as a breeding ground for scam tokens and pump-and-dump projects. 

According to reports earlier this month, the memecoin launchpad intends to raise $1 billion via a token sale at a $4 billion valuation.

In addition to Pump.fun, X also suspended he accounts of multiple other memecoin-related crypto platforms and affiliated services, including GMGN, Bloom Trading, and BullX. However, X has yet to give a reason for the mass suspension.