Quick take:
- On November 25, Beau, a Pudgy Penguins safe project manager was first to share the news on X after a user sent him a video of the event.
- He then offered to share the same clip with Pump.fun after asking the team to address the matter.
- Pump.fun responded by shutting down the live streaming feature and removing coin images, descriptions, names and comments.
Pump.fun, the platform that allows anyone to create their own coins for potential listing on the decentralised exchange platform Raydium has shut down live streaming after the events of the last 24 hours demonstrated extreme abuse of the feature.
On November 25, Beau, a Pudgy Penguins safe project manager was first to share the news via a post on X after a user sent him a video of the event.
The person reportedly threatened to hang themselves live on stream if a certain coin did not reach a certain market capitalisation.
Pump.fun allows developers to create their own tokens accompanied by an image. If the token liquidity rises to a market cap of $69,000, it qualifies for listing on the Solana-based decentralised exchange platform Raydium.
After witnessing the event, Beau alerted Pump.fun on the X platform (it is not clear whether by this time the token platform was already aware of the matter). Beau also offered to share the clip with the team.
Several hours later, Pump.fun published a statement on its website telling users that some of the features were being shut down, to address platform abuse.
“From the outset, we’ve taken a firm stance on moderating for inappropriate activity. This includes proactively removing coin images, names, descriptions, comments, tagging any NSFW content, taking down live streams, and more recently, taking down videos,” the company wrote after acknowledging the platform’s live streams were causing concerns.
The company said the decision to shut down live streams and other features was taken to “ensure the absolute safety of our users.”
“We will be pausing the live streaming functionality on the site for an indefinite time period until the moderation infrastructure is ready to deal with the heightened levels of activity.”
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