Author: Fairy, ChainCatcher

Editor: TB, ChainCatcher

A last-minute effort, but met with a "chokehold."

At the critical juncture just before the TGE, the official Pump.fun account and founder's X account were banned, and the shadow of multiple legal lawsuits reemerged.

As it seemed poised to enter the "monetization" phase, this sudden silence felt particularly delicate. Account bans, lawsuits, and confusion—how much longer can Pump.fun's moment in the spotlight last?

Is the dream of issuing tokens abruptly halted?

Pump.fun is no longer at its peak. According to Defillama data, the platform reached a daily revenue peak of over $7 million on January 23, but has since declined, recently maintaining around $1 million per day.

At the same time, the overall enthusiasm in the meme market has cooled, with meme launch platforms springing up like mushrooms after rain, leading to fierce market competition. During this period, while Pump.fun attempted to launch its own AMM and "live issuance" innovations, it failed to generate significant impact. Under multiple pressures, issuing tokens was seen by the community as Pump.fun's "last cut."

Image: Defillama

According to reports from The Block and Blockworks, Pump.fun plans to raise up to $1 billion through an ICO and is considering introducing a "revenue-sharing" mechanism. Its ICO valuation is set at $4 billion, with a total token supply cap expected to be 1 trillion tokens, marketed to private investors at a price of $0.004 per token. In terms of token distribution, approximately 25% is expected to be sold to the public, with about 10% reserved for airdrops.

Additionally, crypto KOL AB Kuai.Dong revealed a possible timeline for Pump.fun's launch: pre-sale and launch information to be announced on June 21, a three-day "new token" event starting on June 25, and the official trading time to be announced on June 28.

Just four days before the announcement, the situation took a sharp turn. The official Pump.fun account and its founder's X account were suddenly banned. This account ban wave had quietly spread the previous week, with many "meme coin" KOLs and TG BOT trading platform X accounts being banned in succession, including BullX, Bloom, Nova, etc. The meme ecosystem has fallen into turmoil and confusion, and Pump.fun's token issuance plan may also be forced to hit the pause button.

Multiple risks: Class action lawsuits and the founder's past issues

Regarding the sudden wave of account bans, opinions in the community vary. Some believe it may be related to the project violating X platform's API usage regulations, allegedly scraping "black market" data; others speculate that the bans may be targeting "excessive liquidity extraction" behaviors, or even hinting at deeper potential fraud mechanisms. There are also voices suggesting that X is tightening its promotion regulations on high-volatility, high-risk financial products like meme coins.

However, what deserves more attention is the series of legal lawsuits facing Pump.fun.

In December 2024, the UK's Financial Conduct Authority (FCA) issued a stern warning to Pump.fun, stating that it was providing financial services or products without permission. Subsequently, Pump.fun prohibited UK users from accessing the website.

Entering 2025, North America also saw a series of class action lawsuits against the platform and its executives:

• On January 16, the U.S. crypto law firm BurwickLaw filed a lawsuit against Pump.fun on behalf of multiple harmed investors;
• On January 30, investor Diego Aguilar filed a class action lawsuit, accusing the project of violating U.S. securities laws while illegally collecting nearly $500 million in fees, describing its operations as a "Ponzi scheme and a new type of pump and dump."

Deeper than the turmoil are the controversies surrounding co-founder Dylan Kerler. Dylan Kerler has been questioned regarding his involvement in several "shitcoin" rug pulls in earlier years. According to an investigation by WIRED, a developer using the name Dylan Kerler issued eight crypto projects in 2017, with eBitcoinCash and EthereumCash bringing in about $75,000 in ETH.

This developer promoted these coins on BitcoinTalk and subsequently sold at a high point, causing EthereumCash to plummet by 88%. The promotional account "DOMAINBROKER" publicly shared an email with Dylan Kerler's name, and the individual claimed to be from Brighton, UK, while Pump.fun co-founder Dylan Kerler happens to have a voter registration record in that area, with the same address used in company registration documents.

The community has long suffered from Pump.fun

In fact, the community has long been vocal about their grievances with Pump.fun. Every one to two weeks, Pump.fun transfers accumulated fee income to Kraken exchange. Over the past year, the platform has sold approximately 4.179 million SOL, totaling up to $751 million, with an average selling price of about $179.89.

Image: Ashes

However, user profit data tells a different story. According to Dune, in the past six months, among approximately 4.257 million addresses that conducted more than 10 token transactions on pump.fun, over 60% are in a state of loss. About 2.408 million addresses (56.6%) have losses between $0 and $1,000, with around 1,700 addresses losing over $100,000, and 46 addresses losing over $1 million.

Among the addresses in profit, most have very limited gains, with the highest number of addresses earning between $0 and $1,000, reaching 916,500 (21.5%).

Additionally, since Pump.fun introduced creator revenue sharing on May 12, most people have not received much of the "cake."

Among the 3,566 creators tracked by Solanafloor, 83.4% of creators earn less than $1,000, with 34.9% earning less than $100, and 48.5% earning between $100 and $1,000. Only 1.8% of creators can earn over $5,000.

It is undeniable that Pump.fun once shone brightly during the meme craze, becoming an important driver of market excitement. However, with the rapid cooling of enthusiasm and the sudden account bans, this once grand feast is quickly cooling down. Faced with a situation where timing, location, and people are all unfavorable, how can Pump.fun break the deadlock to welcome a second spring?

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