Pump.fun halts livestreaming after earning $14.3M amid backlash from ethics campaigners
Daily revenue soared to $14.3 million, tripling its previous peak.
The meme coin platform Pump.fun, which achieved record-breaking revenue from livestreams over the weekend, has halted them, pledging to revise its content moderation policy.
On Saturday, Pump.fun’s daily revenue soared to $14.3 million, tripling its previous peak. However, the Solana-based meme coin platform faced substantial criticism from the crypto community for streaming provocative and unethical content, including violence promotion, threats of mass killings, animal abuse, and more.
By Monday, Pump.fun suspended livestreams and removed hundreds of controversial streams from the platform, although many had already circulated on other social networks. The company subsequently announced a revision of its moderation policies and a complete cessation of livestreams.
The Crypto industry strives for higher standards
The Pump.fun controversy has sparked widespread debate over censorship and business models that risk user safety for popularity and increased monetization. These discussions have extended beyond the meme coin platform to include the Solana blockchain itself.
As the crypto industry’s societal influence grows, many users are calling for higher ethical standards. Solana’s association with provocative and unethical content could harm its overall reputation.
As we wrote, Pump.fun, a decentralized platform designed for creating and promoting Solana-based memecoins, is under heavy scrutiny following allegations of harmful and violent content broadcasted through its livestream feature. The backlash erupted after clips from the platform's livestreams circulated on social media, sparking outrage among users and watchdog groups.
