X Suspends 21 Memecoin Accounts Including Pump.fun

Social media platform X has taken action to suspend the accounts of memecoin launchpad Pump.fun, its co-founder Alon Cohen, and several other memecoin-related accounts without providing an explanation. As of June 17, both Pump.fun’s official X handle and Cohen’s personal account remained suspended, showing only the platform’s standard notice that the accounts violated X’s rules. X has not issued a public statement detailing the reason for the enforcement action.

The incident is part of a broader sweep that appears to have affected at least 19 other accounts connected to the memecoin ecosystem. Affected entities include trading platforms and tools such as GMGN, BullX, Bloom Trading, and Eliza OS. Many of these platforms played a role in the recent surge in Solana-based memecoin activity. Separately, the X account of community-driven memecoin SPX6900 had also been suspended sometime over the past weeks.

Pump.fun has yet to issue a public statement, but its website remains operational. So far, only GMGN has issued an update, announcing on Telegram that it was aware of its suspension and was “actively appealing the decision and working to restore the account as soon as possible.”

The lack of clarity has sparked wide speculation across the crypto community. Some users suspect that the suspensions may be linked to violations of X’s terms of service, particularly regarding third-party API usage. In early 2023, X banned unapproved use of its API, with pricing for enterprise access starting at $60,000 annually. Critics allege that some platforms may have skirted these costs by relying on unauthorised integrations.

Others believe the crackdown could be tied to the reintroduction of livestreaming on Pump.fun. The feature had previously been suspended in November 2024 following several broadcasts involving graphic content and threats of violence. Pump.fun reinstated livestreaming for a small user segment earlier this year with new content moderation rules in place. However, some users suggest that recent livestreams may have again violated platform standards.

A third theory posits regulatory involvement. Users have floated the possibility of preliminary action from US regulators, including the Securities and Exchange Commission, given Pump.fun’s pending involvement in multiple lawsuits. No official comment has been made by any regulatory authority so far.

The speculation has intensified due to Pump.fun’s history of legal and compliance troubles. In January, the platform was named in a proposed class action lawsuit filed in the Southern District of New York, alleging it facilitated the creation and sale of “highly-volatile” unregistered securities. The suit claimed that all tokens issued on Pump.fun’s platform were securities and accused the firm of generating nearly $500 million in fees while violating US securities laws. The same law firms behind the complaint have filed additional class action suits targeting tokens launched via Pump.fun, including PNUT and HAWK. Pump.fun also received a cease and desist order in early 2025 over intellectual property violations, further compounding its legal exposure.

Despite these issues, the platform reportedly generated over $116 million in fees in January alone and was said to be seeking $1 billion in a token raise at a $4 billion valuation. The mass suspension of accounts linked to memecoins has raised concerns about regulatory scrutiny and potential violations of platform rules. This comes at a critical time for Pump.fun, as the Solana-based launchpad is preparing for a significant token sale.

The suspensions have sparked discussions about the future of memecoin platforms and the regulatory environment surrounding them. The crypto community is closely watching for any official statements from X or regulatory bodies that could provide clarity on the situation. Until then, the industry will continue to speculate on the underlying reasons for these actions and their potential impact on the broader cryptocurrency market.