Pump.fun Livestream Sparks Controversy Over Abuse and Fraud Issues
The post Pump.fun Livestream Sparks Controversy Over Abuse and Fraud Issues appeared on BitcoinEthereumNews.com.
Things got out of hand when someone threatened to hurt himself on a livestream for gains. Unmet capitalization targets have sometimes led users to threaten damage to pets or persons. Pump.fun’s livestream feature has caused major controversy and is the target of criticism. The platform allows users to quickly create meme coins. The feature has been called for removal because of its abuse for extreme content and financial fraud, despite its original intent of helping developers market their ideas. Things got out of hand when someone threatened to hurt himself on a livestream if their coin didn’t hit a $25 million market cap. Unmet capitalization targets have sometimes led users to threaten damage to pets or persons. One disturbing instance garnered much censure when a user livestreamed a threat of self-harm connected to the performance of their token. Stringent Moderation Needed Please disable the livestream feature, Beau, Pudgy Penguins’ safety manager, said in an apparent attack on the website. He further added that things have spiraled out of hand. Another problem is financial fraud. A student who made the $QUANT meme coin was once engaged in an incident where he stole $30,000 in a rug pull and was subsequently doxxed. Opinions on the solution vary among community members. While some propose more stringent control, others propose completely turning off livestreams. The current stuff given on pump livestreams is not only dull, but also sloppy, Eddie, a legal intern, said in his criticism of the administration. While acknowledging difficulties in scalability, Pump.fun exec Alon defended the platform by mentioning continuous moderating efforts. According to DefiLlama, Pump.fun has made $215 million and sent out 3.8 million meme coins since March 2024, despite all the controversy surrounding the platform. Maintaining an acceptable balance between user autonomy and stricter security measures is crucial to…
Filed under: News - @ November 25, 2024 8:22 pm