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Analysis

Is pump.fun Becoming the “Dark Web” of Blockchain?

November 25, 2024 - Around 4 mins mins to read

Key Points:

  • pump.fun, initially a memecoin platform, now faces criticism for allowing unethical and illegal content during livestreams, exposing societal issues on blockchain.
  • The lack of moderation on pump.fun has turned it into a controversial hub, sparking concerns about the platform’s moral and regulatory responsibilities.
pump.fun’s unregulated live streams expose troubling societal behaviors, raising questions about blockchain ethics and decentralized platform accountability.
Is pump.fun Becoming the “Dark Web” of Blockchain?

Pump.fun’s Descent into Chaos

Following a young trader’s infamous livestream rug-pull of the QUANT token, pump.fun – once seen as a promising memecoin platform – has become a focal point of harsh criticism. The platform is increasingly associated with shocking, unethical, and illegal content shared during livestreams.

Pump.fun, initially known as a memecoin launchpad, now exposes disturbing aspects of society, where individuals disregard ethics and engage in bizarre acts to create shocking content, attract attention, and entice users to buy their tokens.

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Pump.fun users do whatever it takes to create shocking, attention-grabbing content to entice users to buy tokens. Source: @imgodkid’s X account

This “unique content” is not only haunting but also reveals a distorted mindset where some individuals are willing to make money at any cost.

Unlike platforms like TikTok or YouTube, which have robust content moderation systems, pump.fun operates in a largely unregulated manner, making it an open arena for harmful behavior. In just a few hours of browsing live streams on this platform, users can witness strange and disturbing content, including:

  • Livestream suicide threats: A young man, around 12 years old, bluntly declared that he would kill his entire family if his token did not reach a market capitalization of $60,000.
  • Domestic violence on live stream: A couple livestreamed themselves abusing their 3-year-old child, with the clear message that they would stop when their token reached a market capitalization of $15,000.
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Screenshot of the livestream condemning content of a 12-year-old youth who declared that he would kill his entire family if his token did not reach the $60,000 capitalization mark.
  • Trafficking of prohibited goods and illegal content: Many people livestream advertisements selling drugs, illegal goods, and even pornographic content.
  • Threats of mass shootings: A user issued a memecoin with the title “live stream mass shooting at school.”
  • A user replayed footage of ISIS publicly executing hostages on a pump.fun livestream because their token did not reach the desired market capitalization.
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Screenshot of user replaying ISIS execution of hostage on pump.fun livestream as a token fails to reach the desired market cap. Source: @crypto_bitlord7’s X account

The situation culminated in a shocking incident where a person committed suicide on a livestream after their token failed to reach the desired price. Fortunately, this person was saved in time by a friend.

However, the outrageous part is that the pump.fun moderation team simply removed the livestream without any timely support or intervention.

Read more: Solana Ecosystem Sees 89% of New Tokens Launched This Month

Community Calls for Action as Pump.fun Faces Ethical and Regulatory Scrutiny

This indifference has raised questions about the platform’s ethical responsibility, as well as the seriousness of what is happening on this platform. The crypto community is speaking out, calling on the pump.fun development team to take action to prevent these dangerous trends.

The account @beausecurity suggested that the platform should also consider temporarily removing the livestream feature or implementing stricter user verification measures following the user’s suicide attempt.

Some even argue that pump.fun is now no different from “pump done” if they do not quickly strengthen moderation.

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User @PopPunkOnChain believes this platform is now nothing more than a “pump done” if they don’t quickly ramp up censorship.

However, many believe that the main problem does not lie with pump.fun. In reality, these people have always existed, and it is thanks to the decentralized nature of blockchain that the dark side of society is being exposed.

Desperate individuals are willing to do anything to make money, regardless of whether it’s through memecoins or pump-and-dump tokens. This is the price of operating in an uncensored space.

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The account @trading_axe on X claims that the main problem is not pump.fun. These people have always existed, and it is thanks to pump.fun that they are being exposed more clearly.

Despite earning tens of millions of dollars in monthly revenue according to DefiLlama, pump.fun’s future is seriously threatened. Without drastic and timely action, this platform risks being “terminated” in the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.