Livestream Chaos and $30K Scams Exposed!
Pump.fun, a widely used live streaming platform, is a perfect example of why crypto regulation is needed. Many users predict a 97% chance of being shut down. user strongly The closure is required because if the platform cannot maintain basic security features, it will not be able to run a serious business like cryptocurrency.
Once a tool for developers to promote their projects, it is now the focus of growing controversy, with disturbing incidents and financial fraud taking center stage.
Let’s understand what’s fueling this widespread outrage.
Live streaming becomes a security threat
Pump.fun’s live streaming feature, originally designed to help developers attract attention for their tokens, is now raising serious alarms. Recently, one user live-streamed a disturbing self-harm threat, saying they would harm themselves if their token’s market cap did not reach $25 million. Unfortunately, this is not an isolated incident. Other live streams show users making violent threats about the performance of their coins, some even threatening to harm pets or people.
This caused many in the cryptocurrency space to speak out. Beau, the Humpty Penguins’ security manager, urged immediate action: “Turn off live streaming. This is out of control.” Calls for change are growing, with many questioning whether the platform can maintain a safe environment.
Scams plaguing 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 the rug for $30,000 highlights the risks involved. The student was eventually doxxed, drawing attention to the vulnerability of investors on the platform.
The Pump.fun community is divided on how to handle these issues. Some have suggested disabling the live streaming feature entirely, while others believe stricter moderation could solve the problem. Legal intern Eddie criticized the platform’s weak governance, noting that the live content was not only “uninteresting” but also “conceptually lazy.”
Impact of Cryptocurrency
Despite these controversies, Pump.fun remains financially sound. According to DefiLlama, the company has generated $215 million in revenue and issued 3.8 million Meme coins since March 2024. But as the platform continues to grow, it faces a serious 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, the next chapter for Pump.fun is currently in the works.
