Social media platform X has suspended the accounts of crypto memecoin platform Pump.fun and its founder in an apparent blitz that saw dozens of crypto-related accounts temporarily banned on the site.On Monday, the X accounts for Pump.fun and its co-founder, Alon Cohen, showed they were suspended, but X did not explain why, showing only the platforms standard disclaimer that X suspends accounts which violate the X Rules.At least 19 other accounts connected to the crypto trading platforms GMGN, BullX, Bloom Trading and the artificial intelligence agent tool Eliza OS were also taken offline, a list compiled by X user Otto shows.For years, X has been the preferred social media platform for crypto users, and account suspensions significantly impact the ability of affected crypto platforms to communicate with their users.The X account for Pump.fun was among nearly two dozen crypto-related accounts suspended as of Monday.
Source: XX did not immediately respond to a request for comment.
Pump.fun was contacted for comment.GMGN actively appealing X suspensionGMGN said on Telegram that it is aware of its X account suspension and was actively appealing the decision and working to restore the account as soon as possible.It added that it remains in close communication with X to expedite a resolution.Suspensions due to API use, users speculateMeanwhile, multiple X usersspeculated that the accounts were suspended for using a third-party application programming interface (API), which X banned the use of in January 2023.Related: Trumps Truth Social files S-1 for dual Bitcoin and Ether ETFSome claimed the platforms used outside APIs to skirt the steep costs for Xs in-house API tool, which starts at $60,000 a year for its subscription level aimed at startups.Despite the speculation, the reason for the suspensions is still unknown.Pump.fun sued for allegedly helping pump-and-dumpersThe X user Braden, whose profile says they conduct marketing for Pump.fun, said in an X post that the platforms suspension was probably the mass reporting bs [bullshit].Pump.fun has divided opinions as its platform has eased the process of creating memecoins, highly speculative cryptocurrencies that have no intrinsic value.Pump.fun was accused of helping create pump-and-dump schemes in a January class-action lawsuit, which claimed every token it helped create is an unregistered security from which it made nearly $500 million in fees.Hall of Flame: NBA star Tristan Thompson misses $32B in Bitcoin by taking $82M contract in cash