X has suspended over 20 crypto-related accounts as of Monday, with the bans hitting Pump.fun and its co-founder, Alon Cohen.
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 platform’s 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.
X did not immediately respond to a request for comment. Pump.fun was contacted for comment.
GMGN “actively appealing” X suspension
GMGN 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 speculate
Meanwhile, multiple X users speculated that the accounts were suspended for using a third-party application programming interface (API), which X banned the use of in January 2023.
Related: Trump’s Truth Social files S-1 for dual Bitcoin and Ether ETF
Some claimed the platforms used outside API’s to skirt the steep costs for X’s 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-dumpers
The X user “Braden,” whose profile says they conduct marketing for Pump.fun, said in an X post that the platform’s 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
