The post Pump.fun Under Fire After Disturbing Livestream Misuse Prompts Outrage appeared on BitcoinEthereumNews.com.

Pump.fun, a decentralized platform built on Solana for creating and promoting meme coins, has been embroiled in controversy after its live stream feature was exploited for shocking acts.  Originally intended to engage communities and foster creativity, the feature has instead become a venue for extreme and exploitative behavior, prompting widespread condemnation. What began as an innovative tool for crypto creators spiraled into chaos, with users broadcasting acts of violence, self-harm, and abuse to manipulate token values. Alarming incidents surfaced, including a child threatening family violence and a couple abusing their toddler, both demanding market cap milestones for their tokens. One particularly disturbing case involved a man threatening to kill his pet dog unless his token hit an $11 million market cap, shocking viewers and drawing sharp criticism online. These incidents, widely shared on social media, exposed the lack of effective moderation on the platform and raised urgent ethical concerns. The platform’s unmoderated environment has also allowed graphic and illegal content to proliferate, leading critics to label the livestream feature as a stage for moral decay rather than community building. The Platform’s Response, Financial Implications, and Community Backlash In response to mounting backlash, Pump.fun’s anonymous founder, “Alon,” issued a statement defending the platform’s principles of free speech. Alon emphasized that the platform employs moderators to manage harmful content and offers tools to filter inappropriate material. However, the statement failed to convince critics, who argue that the measures are insufficient given the scale of exploitation. “The nonsense you’re allowing on your platform is disgraceful,” one user wrote, while another warned of potential legal action against the platform’s leadership if the misuse continues unchecked. Source: X The controversy has already taken a financial toll. While Pump.fun recorded an all-time high daily revenue of $14.4 million on November 23, public outrage led to a…

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Filed under: News - @ November 26, 2024 7:22 pm