A sweeping crackdown on crypto-related accounts has hit social media platform X, with memecoin launchpad Pump.fun and its co-founder, Alon Cohen, among those suspended.
The move, which unfolded on June 16, has rattled parts of the crypto community, given X’s long-standing status as a hub for crypto discourse and project promotion.
Visitors to the suspended accounts are now met with X’s standard notice: “X suspends accounts which violate the X Rules.” However, no specific reason was publicly offered by the platform.
According to a compiled list shared by X user “Otto,” at least 19 other accounts tied to prominent crypto entities—including GMGN, BullX, Bloom Trading, and the AI trading tool Eliza OS—were also taken offline in the apparent mass enforcement action.
Reacting to the suspension, GMGN stated via Telegram that it is appealing the decision and remains in direct contact with X to expedite a resolution.
“We’re actively appealing the decision and working to restore the account as soon as possible,”
the team noted.
While the cause of the suspensions remains unclear, some X users believe the crackdown may be linked to the use of third-party APIs. X banned access to such tools in January 2023, shifting developers toward its costly proprietary API services, which can cost upwards of $60,000 annually for startup-level access. It is suspected that several platforms may have sought to bypass these fees with external integrations.
Still, these theories remain unconfirmed. Braden, who claims to handle marketing for Pump.fun, offered his take in a post, calling the incident “probably the mass reporting bs,” implying that targeted reports may have triggered the ban.
Pump.fun has stirred controversy for democratizing memecoin creation, a niche often criticized for enabling low-effort, speculative crypto tokens. In January, the platform was named in a class-action lawsuit accusing it of facilitating pump-and-dump schemes. Plaintiffs allege the platform earned nearly $500 million in fees from unregistered securities—referring to the tokens created through its tools.
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