Thomas Daniels
In a sweeping crackdown, social media platform X has suspended more than 20 cryptocurrency-related accounts, including those linked to the memecoin platform Pump.fun and its co-founder, Alon Cohen. The abrupt suspensions, which occurred Monday, have intensified concerns over platform policies and the ongoing regulatory uncertainties surrounding digital assets.
The official X profiles for both Pump.fun and Cohen displayed the platform’s standard suspension notice, stating only that “X suspends accounts which violate the X Rules.” No specific explanation was provided by X regarding the violations that triggered these suspensions.
Beyond Pump.fun, at least 19 additional accounts affiliated with crypto trading platforms GMGN, BullX, Bloom Trading, and artificial intelligence agent tool Eliza OS were also disabled, according to a compiled list shared by X user “Otto.”
Historically, X has served as a vital communication channel for cryptocurrency projects and influencers. Account suspensions significantly hinder the ability of these platforms to engage with their communities, announce project developments, and maintain investor confidence.
X has not issued an official comment on the matter. Pump.fun also declined to provide a statement when contacted.
GMGN Pursues Account Restoration
GMGN, one of the affected platforms, announced on its Telegram channel that it is actively appealing the suspension and remains in dialogue with X to expedite reinstatement. “We are aware of the situation and are working diligently to resolve the issue as swiftly as possible,” the company stated.
Speculation Over API Violations
Several users on X have speculated that the suspensions may stem from violations of X’s policies on third-party application programming interfaces (APIs). In January 2023, X prohibited the use of unauthorized APIs, which many platforms previously used to avoid paying for X’s premium API access—subscriptions that can cost up to $60,000 annually for startup-level services.
While speculation continues, the precise reasons for the account suspensions remain unconfirmed.
Pump.fun Faces Legal Challenges
The controversy surrounding Pump.fun extends beyond its recent suspension. The platform, which simplifies the creation of memecoins—volatile digital tokens often lacking intrinsic value—has polarized the crypto community. In January, Pump.fun was targeted in a class-action lawsuit alleging that it facilitated pump-and-dump schemes. The lawsuit claims that every token created through Pump.fun constitutes an unregistered security, from which the platform reportedly collected nearly $500 million in fees.
Braden, a self-identified marketing representative for Pump.fun, suggested on X that the suspension may have resulted from “mass reporting,” dismissing the incident as “bullshit.”
The incident underscores the growing scrutiny facing crypto platforms amid evolving regulatory landscapes, heightened enforcement actions, and the ongoing debate over the legitimacy and transparency of digital asset operations.
