Monday’s social media blackout hit the crypto world hard. X unexpectedly suspended over 20 accounts tied to digital assets. Leading memecoin platform Pump.fun and its co-founder, Alon Cohen, found themselves locked out. Their primary communication channel vanished instantly. X displayed only its standard suspension notice, citing rule violations. It offered no specific explanation for this sudden action.
Furthermore, numerous other crypto players faced the same fate. Affected accounts included trading platforms GMGN, BullX, and Bloom Trading. Artificial intelligence tool Eliza OS also lost its X presence. User “Otto” compiled a list confirming at least 19 suspensions besides Pump.fun. This crackdown significantly disrupts crypto businesses. For years, X served as their preferred online hub. Therefore, losing access cripples vital user communication instantly.
GMGN Fights Back Against Suspension
GMGN quickly addressed the situation elsewhere. The platform alerted its community via Telegram. It acknowledged the X account suspension publicly. Furthermore, GMGN stated it is “actively appealing the decision”. The team pledged to restore access rapidly. It also emphasised close cooperation with X. GMGN aims for a speedy resolution through this direct contact. Their proactive stance contrasts sharply with the silence from X.
Community Points to Banned API Use
X users rapidly speculated about potential causes. Many suspect unauthorised third-party API usage triggered the bans. X officially prohibited external API tools back in January 2023. Some speculate affected platforms sought cheaper alternatives. X’s own enterprise API costs start at $60,000 yearly. Comparatively, third-party tools offered a much lower price point. Platforms might have used these to avoid steep fees. However, this theory remains unconfirmed officially. Ultimately, the true reason behind the suspensions stays unknown.
Pump.fun: The Culprit?
Pump.fun itself faces intense controversy. The platform dramatically simplified memecoin creation. These tokens typically hold little intrinsic value. Naturally, Pump.fun has divided the crypto community. Marketing associate “Braden” suggested “mass reporting” caused their suspension. He hinted competitors might be responsible. Additionally, Pump.fun faces serious legal challenges. A January class-action lawsuit accused it of enabling pump-and-dump schemes. The suit alleges every token it launched was an unregistered security. Reportedly, Pump.fun earned nearly $500 million in fees from these activities. This legal cloud adds complexity to their suspension.
The crypto sector now awaits clarity. Why did X remove these specific accounts? The silence from the platform fuels uncertainty. Affected companies like GMGN fight to return. Pump.fun’s situation appears even more fraught. Its legal battles compound the communication blackout. This mass suspension shows crypto’s fragile social media dependence. Platforms and users alike need answers soon. The community watches closely for any official word. Until then, speculation will inevitably continue swirling.
Written By Fazal Ul Vahab C H
