Pump.fun and founder Alon's accounts banned on X alongside other memecoin services

Popular Solana memecoin launchpad pump.fun and its founder Alon Cohen's official X accounts have been suspended by the social media platform alongside multiple other memecoin-related accounts.

As of 10:50 p.m. ET on Monday, the platform's official "pumpdotfun" handle and Cohen's "a1lon9" remain banned, indicating that they violated rules on X.

The suspension has sparked considerable speculation on the social media platform, including concerns about potential involvement of the Securities and Exchange Commission, or possible illegalities in pump.fun's operations. Pump.fun's main platform remains fully operational at the moment.

Despite being central to the recent Solana memecoin craze, the platform has drawn criticism for serving as a breeding ground for scam cryptocurrencies and pump-and-dump schemes.

In January, pump.fun was hit with a proposed class-action lawsuit alleging it offered and sold "highly-volatile" unregistered securities to investors, generating nearly $500 million in fees. It was reported earlier this month that the memecoin launchpad plans to raise $1 billion through a token sale at a $4 billion valuation, without clear details.

Meanwhile, X has suspended the accounts of multiple other memecoin-related crypto platforms and affiliated services, including GMGN, Bloom Trading and BullX, which may suggest that pump.fun's ban may be part of a wider crackdown on memecoins.

X did not explicitly state the reason for the mass suspension. The Block has reached out to X and pump.fun for comment.