X Suspends Solana-Linked Pump.fun and Memecoins Accounts

• Pump.fun suspension impacts Solana-based projects
• Sale of 4,1 million SOL raises concerns
• Lawsuits accuse Pump.fun of pump-and-dump and fraud

Elon Musk's X platform has blocked more than 20 accounts related to the memecoin universe, including Pump.fun, known for launching tokens within the Solana network. Among the suspended profiles are the official Pump.fun account and the personal profile of its co-founder, Alon Cohen.

X has not yet provided details about the reason for the suspensions, saying only that the accounts violated the platform’s guidelines. Other accounts affected include accounts linked to projects such as GMGN, BullX, Bloom Trading, and Eliza OS, an artificial intelligence-based trading tool.

Within the cryptocurrency community, the lack of official explanations quickly gave way to speculation. Users raised hypotheses ranging from API misuse to permissionless livestreams to possible investigations into pump-and-dump schemes.

BREAKING: MULTIPLE CRYPTO-BASED PLATFORMS HAVE BEEN SUSPENDED ON X, INCLUDING BULLX, PUMPFUN, GMGM, AND MORE

IS THIS AN ATTACK ON CRYPTO??? pic.twitter.com/ftnPDaeMK1

— BlockNews (@blocknewsdotcom) June 16, 2025

Pump.fun’s recent history has also raised red flags. In February 2025, the platform’s official account was hacked to promote a fake governance token, raising questions about its cybersecurity. Despite this, Pump.fun’s website remains active, maintaining its operations on the Solana network.

Another point that draws attention is the significant volume of SOL token sales by Pump.fun. According to the Lookonchain platform, around 4,1 million SOL units, worth approximately US$741 million, have been sold since May 2024. The market speculates whether these resources were intended to finance operations or simply for liquidity.

In addition to the technical controversies, Pump.fun is facing legal challenges in the United States. Two class-action lawsuits accuse the platform of conducting pump-and-dump schemes and trading tokens considered securities without proper registration. One of the lawsuits estimates that the company has raised around US$500 million through illegal cryptocurrency launches.