X, the social media platform formerly known as Twitter, has enacted a ban on multiple cryptocurrency-related accounts, including that of Pump.fun, a memecoin launchpad associated with the Solana blockchain, alongside its co-founder Alon Cohen.
On Monday, the accounts linked to Eliza Labs leader Shaw Walters, who is behind the open-source operating system ElizaOS, were also suspended.
This development appears to signal an intensified regulatory crackdown by X on tools related to memecoins and the individuals behind them. Pump.fun, which has been characterized by its rapid launches and allegations of automated liquidity withdrawal, has attracted particular scrutiny from regulators.
Previously, X had frozen accounts connected to meme trading tools, Key Opinion Leaders (KOLs), and crypto bots.
Other accounts affected by the latest wave of suspensions include those associated with GMGN, Bloom Trading, and BullX, among others.
While Pump.fun and the other affected websites are still operational at this time, the recent bans have sparked increasing concerns regarding the current excitement surrounding memecoins.
Pump.fun Faces Increased Attention Over ‘Highly-Volatile’ Sales
The exact reasons for the bans on Pump.fun and Cohen’s account have not been detailed by X. However, speculation has arisen surrounding potential illicit activities by the memecoin platform.
Some users have claimed that the suspended platforms utilized unofficial APIs to extract data from X without compensating for premium access, while others suggest that the suspension may be linked to an ongoing investigation by the Securities and Exchange Commission (SEC).
BREAKING: SEC @SECGov is taking legal action against Pump fun & its users. Their X account is now suspended
Honestly, I was never a fan of meme coins — hype without purpose. Real innovation solves real problems
The only value meme coins add is transaction volume … pic.twitter.com/EtPDnvvbQ9
— David Wang (@wang_8) June 16, 2025
Earlier this year, Pump.fun was embroiled in a lawsuit for allegedly breaching securities laws, with accusations that it marketed unregistered securities disguised as meme tokens and generated nearly $500 million in fees from selling “highly-volatile” memecoins.
In addition, the platform has faced criticism for selling unregistered securities, including the Peanut the Squirrel (PNUT) token, and has been embroiled in controversy linked to streaming incidents involving potential suicides.
In response to its suspension, the GMGN platform announced via Telegram that it is “actively appealing” X’s decision and is striving to have the account reinstated shortly.
“During this time, our operations continue uninterrupted. Our team is conducting a thorough investigation into the matter and remains in close communication with X to expedite a resolution,” the platform informed its users.
Finance Newso has reached out for comments from both Pump.fun and GMGN platforms.
Pump.fun Planning a $1 Billion Token Sale?
Recently, Pump.fun publicized its intentions to raise $1 billion in an upcoming token sale, placing the token’s valuation at $4 billion. There is speculation among the community that the token launch may occur in June.
Some users believe that the suspension of Pump.fun’s X account could hinder the planned token launch, as it served as a key communication channel with its community. One user remarked, “That pump fun $1 billion token sale just got rugged.”
Co-founder Alon Cohen has previously dismissed any rumors regarding the launch of a Pump.fun token.
The post Pump.fun, Founder Alon’s X Accounts Banned, Will This Affect Upcoming $1B Token Sale? appeared first on Finance Newso.
