The recent suspension of crypto-related accounts on platform X has unsettled the crypto community, particularly following the inclusion of Pump.fun and its co-founder.
Reasons for the Account Suspensions
On June 16, a mass suspension of accounts related to the crypto industry occurred on platform X. Users attempting to visit the accounts now encounter the standard notice: 'X suspends accounts which violate the X Rules.' However, no specific reasons for the suspensions have been disclosed.
Community Reactions to X's Actions
According to user ‘Otto,’ at least 19 accounts tied to prominent crypto entities were also taken offline. GMGN communicated via its Telegram channel that it is appealing the decision and remains in direct contact with X to expedite a resolution. The team stated: 'We’re actively appealing the decision and working to restore the account as soon as possible.'
Context and Consequences
Some X users believe the crackdown may be linked to the use of third-party APIs, access to which was banned in January 2023. X may have shifted to costly proprietary API services, prompting some projects to seek alternative methods for integration. Braden, who claims to handle marketing for Pump.fun, suggested that the incident might be attributed to mass reporting of accounts on social media. It is worth noting that Pump.fun has faced controversy for democratizing memecoin creation, which has been criticized for enabling speculative token creation.
The situation regarding the mass suspensions of crypto accounts on platform X continues to draw attention and raises concerns among participants in the crypto space. It remains to be seen how this will impact the future use of the platform for promoting crypto products.
