The post Pump.Fun Scandal Explodes: Livestream Chaos and $30K Scams Exposed! appeared first on Coinpedia Fintech News
Pump.fun a widely used live-streaming platform is a perfect example of why crypto regulations are required. Many users are predicting a 97% chance of getting shut down. The users strongly demand a shutdown because if the platform can’t maintain basic safety features it will fail to run a serious business like crypto.
What was once a tool for developers to promote their projects is now at the center of growing controversy, with disturbing incidents and financial fraud taking center stage.
Let’s understand what caused this widespread outrage.
Pump fun needs to be shutdown. Enough is enough. The dark side of humanity is emerging on this platform. Boycott all coins created from this site
— TCGPocketMonster (@earlyadopterNFT) November 25, 2024
Livestreams Becoming a Safety Threat
Pump.fun’s livestream feature, initially designed to help developers gain attention for their coins, is now raising serious alarms. Recently, a user livestreamed a disturbing self-harm threat, saying they would hurt themselves if their coin didn’t reach a $25 million market cap. Unfortunately, this wasn’t an isolated incident. Other livestreams have shown users making violent threats over their coins’ performance, some even threatening harm to pets or people.
This has led many in the crypto space to speak out. Beau, a safety manager at Pudgy Penguins, urged for immediate action: “Shut down the livestream feature. This is out of control.” The calls for change are growing louder, with many questioning whether the platform can maintain a safe environment.
Scams Troubling the Platform
Pump.fun has also become a breeding ground for scams. A case involving a student who created the $QUANT meme coin and pulled a rug pull for $30,000 highlights the risks involved. The student was eventually doxxed, drawing attention to how vulnerable investors can be on the platform.
Community Split on Solutions
The Pump.fun community is split on how to handle these issues. Some suggest disabling the livestream feature entirely, while others think stricter moderation could fix the problem. Eddie, a legal intern, criticized the platform for its weak governance, pointing out that the content on the livestreams is not only “uninteresting” but also “conceptually lazy.”
Crypto Impact
Despite these controversies, Pump.fun is still doing well financially. Since March 2024, it has raked in $215 million in revenue and launched 3.8 million meme coins, according to DefiLlama. But as the platform continues to grow, it faces a tough challenge: how to scale safely while protecting its users and reputation.
The impact of these developments is far from over, and as the market reacts, Pump.fun’s next chapter is currently brewing.
