Author: Climber, Golden Finance
On November 26, in response to recent reports from the crypto community that Pump.fun’s live streaming content involved various sensitive illegal topics, such as violence, drug abuse, pornography, etc., the platform finally issued an announcement stating that it would suspend the live streaming function on the website indefinitely until the audit infrastructure was ready.
However, Pump.fun has been in operation for half a year, with a total of more than 3.8 million tokens deployed. In November, the platform's revenue from live streaming doubled compared to the previous month. During this period, the platform's live streaming content also went from being marginal to being seriously anti-human, and it was not until the community KOLs reported it that it attracted widespread attention. It has to be said that human nature will also be lost under profit-seeking.
1. Out-of-control live streaming platforms
At the end of May this year, Pump.fun launched the live broadcast function. Ordinary users can issue coins in the same way as in the past, and then just click the "Create Live Broadcast" button just above the price chart to start live broadcasting to promote meme products.
However, it was this ultra-low threshold video live streaming and coin issuance model that laid the hidden danger for the platform's content to get out of control in the future. It was just that Pump.fun failed to formulate regulatory guidelines in advance to constrain it.
Then in August, Pump.fun continued to provide more features for live streaming. First, it launched unlimited threads and live chat, and then launched a live streaming feature called "Stages". This feature allows multiple people to live stream at the same time, share screens and voice chat. This also makes the Pump.fun platform more like "TikTok and Kuaishou".
The event that really caused the platform's content to spiral out of control was Pump.fun's official promotion of traffic to video bloggers.
On November 22, an unemployed young man in North America started a live broadcast on Pump.fun, saying that he would wait until "the market value of his token (LIVE) reaches 100m before going offline." After the live broadcast was selected by Pump officials and placed on the homepage, the LIVE token continued to rise. Later, KOLs such as gmony participated in the real-time online interaction, and eventually pushed the market value of the LIVE token to over 20 million US dollars.
Eventually, the successful model of this initiator attracted countless followers, and the live broadcast content gradually became bottomless. From suicide threats, animal abuse to pornography, the subject matter involved became more and more anti-human.
A post by user X showed that a child in the Pump.fun live broadcast room threatened to kill his family if the token price did not reach the target market value of $60,000.
Another vlogger said he would shoot up a school if the price of his memecoin didn't rise as he wished.
The live broadcast title in the picture above shows the video blogger's tendency to abuse dogs.
The above cases are just the tip of the iceberg, and there are many videos involving drug abuse, pornography, homosexuality and other criminal themes. This has also attracted the attention of more and more people, and they called on Pump.fun to regulate the content of the platform or even stop the live broadcast room.
However, the launch of Pump.fun's live video function has indeed brought considerable profits to the platform.
According to Dune data, as of the time of writing, Pump.fun has accumulated revenue of more than $250 million and has deployed a total of approximately 3.87 million tokens.
According to data from the DeFilama platform, as of now, Pump.fun's revenue in November has reached 75.44 million US dollars, far exceeding the historical high of 30.5 million US dollars set in October.
2.Pump.funPress the pause button
There is nothing wrong with the revenue that pump.fun has generated from memes and even live video streaming, but the out-of-control of the platform's content has triggered widespread criticism and accusations from members of the crypto community, some even calling for stricter review or the closure of the live streaming function.
Pudgy Penguins security project manager Beau wrote that some users used Pump.fun live broadcasts to make threats, such as committing suicide if a certain token does not reach a set market value. This behavior is absolutely outrageous, and such inappropriate live broadcasts need to be taken offline. Please turn off the live broadcast function, the situation has gotten out of control.
This call also attracted the attention and discussion of many well-known KOLs including ZachXBT, and Alon, the founder of Pump.fun, also responded.
Alon acknowledged the community's concerns but defended the platform's moderation efforts. He said the platform has always attached great importance to content review and has a 24/7 review team and technical support team. However, the community asked for more transparent measures and the immediate closure of the live broadcast function until an effective content review mechanism is implemented. At present, Pump.fun has not yet clarified whether it will adjust the live broadcast function or strengthen security measures.
However, as the incident continued to ferment and the live broadcast content on the platform became increasingly distorted, pump.fun eventually decided to shut down the live broadcast function.
On November 26, pump.fun officially released a community announcement stating that from the very beginning, they have taken a firm regulatory stance against inappropriate behavior. This includes proactively deleting token images, names, descriptions, comments, marking any NSFW content, deleting live broadcasts, and recently deleting videos.
Pump.fun said its platform has recently experienced unprecedented growth, with the number of daily live broadcasts increasing more than 100 times in less than a week, while hundreds of streamers are shut down every day to maintain the security and integrity of the content seen by the community.
To ensure the absolute safety of our users, the live streaming feature on the site will be suspended indefinitely until the moderation infrastructure is ready to handle the high levels of activity.
In addition, Pump.fun stated that it will subsequently release guidelines to make the site's rules and regulations more transparent, and will provide creators and users with greater visibility into individual review decisions to ensure that everyone understands the process and results.
Regarding the out-of-control live streaming content on the pump.fun platform, a legal expert warned that the extreme content of Pump.fun could trigger criminal investigations and civil lawsuits.
Its live-streaming feature appears to have become a platform for developers to broadcast extreme shock content to promote their tokens — something that legal experts say could lead to civil or criminal prosecution.
After Pump.fun disabled the live broadcast function, related tokens fell across the board, including LIVE, which fell 20.11% in 24 hours, and SHITCOIN, which fell 45.7% in 24 hours.
summary
The Internet has a low threshold to access, and without regulatory intervention, there will be no order. Pump.fun opened Pandora's box, giving ordinary users the "alchemy" while forgetting to regulate it, which also created the bottom line of greedy people. However, human community must be based on civilization after all, and any anti-human and anti-social content should be banned in time to avoid adverse consequences.
