In a sweeping move that has left the crypto community rattled, social media platform X (formerly Twitter) suspended more than 20 accounts tied to cryptocurrency projects, including those of popular memecoin platform Pump.fun and its co-founder, Alon Cohen. The suspensions came into effect on Monday, though X has yet to issue a formal explanation.
Crypto Voices Silenced on X
Pump.fun and Cohen’s personal account were among the most prominent names affected in the recent suspension wave. The platform now displays only X’s standard notice, stating that accounts are suspended for violating its rules, with no specifics given.
At least 19 other accounts connected to various crypto initiatives—including GMGN, BullX, Bloom Trading, and AI tool Eliza OS—were also taken offline, according to a compiled list shared by X user “Otto.” The sudden blackout has had a significant impact, as X has long been the social media platform of choice for the crypto world. With no access to their primary communication channel, these platforms are scrambling to find alternative means of engaging with users and investors.
X has not responded to media requests for comments at the time of publication. Pump.fun has also been contacted, but no official statement has been issued yet.
GMGN Appeals Suspension
One of the affected platforms, GMGN, took to Telegram to acknowledge the suspension. It said it is “actively appealing the decision and working to restore the account as soon as possible.” The team further added that they are “in close communication with X to expedite a resolution,” suggesting that internal discussions are underway, though the outcome remains uncertain.
API Violation Speculated as Cause
The crypto community is rife with speculation over the root cause of the suspensions. Multiple X users have suggested that the bans may be linked to the use of third-party application programming interfaces (APIs), which X officially prohibited in January 2023.
The X account for Pump.fun was among nearly two dozen crypto-related accounts suspended as of Monday. Source: X
Instead of opting for X’s in-house API tool—which costs a reported $60,000 per year for startup-level access—some projects may have used unauthorised APIs to reduce operational expenses. If true, this could be seen as a breach of platform rules, potentially triggering mass enforcement action.
Despite these theories, X has not confirmed the rationale behind the suspensions, leaving affected users and projects in the dark.
Pump.fun’s Controversial Rise
The crackdown comes amid rising scrutiny on Pump.fun, a platform known for simplifying the creation of memecoins—cryptocurrencies that are often speculative and lack intrinsic value. While popular among risk-tolerant investors and internet communities, the site has faced backlash for allegedly enabling dubious financial schemes.
In January, Pump.fun was named in a class-action lawsuit, accused of facilitating pump-and-dump schemes by providing tools to launch tokens rapidly and without oversight. The lawsuit claimed every token created through Pump.fun was an unregistered security, and alleged the platform generated close to $500 million in fees through these activities.
Adding to the platform’s troubles, X user “Braden,” who identifies as a marketing representative for Pump.fun, posted that the suspension might be due to “mass reporting bs [bullshit],” implying coordinated user-driven complaints rather than direct violations of platform policy.
A Broader Signal from X?
This wave of suspensions may signal a stricter regulatory approach by X towards crypto-related accounts, especially those operating in grey areas of legality or compliance. As social media remains a crucial marketing and community-building tool for crypto ventures, continued enforcement actions could have far-reaching consequences for how these projects interact with the public.
Until X provides a clear explanation, speculation will likely persist—and with crypto platforms like Pump.fun already facing legal challenges, the timing of the suspensions could hardly be worse.
