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Pump.fun Faces Backlash: Live Streaming Suspended After Disturbing Content Emerges

Pump.fun, a Solana-based memecoin platform, has indefinitely suspended its live-streaming feature after reports of extreme misuse, including abusive content, as it works to enhance moderation and transparency.

Author

Steven Walgenbach
November 26, 2024

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Breaking Crypto Stories

Here are the top stories today:

  • Solana-Based Memecoin Platform Pump.fun Disables Live Streaming Feature IndefinitelyJustin Sun Has Just Become Trump Crypto Project’s Biggest Investor

  • Flash Crash Alert: Wrapped Bitcoin Plummets on Binance - What Happened?

  • Tether Mints $3 Billion in USDt: What Does This Mean for Bitcoin's Surge?

  • Cantor Fitzgerald Reportedly Acquires a 5% Stake in Tether

Question of the Day

Are we in a bull run or has the true market rally not started yet?

Solana-based memecoin platform Pump.fun has indefinitely suspended its live-streaming feature following reports of severe misuse, including abusive content, and announced plans to enhance moderation and transparency.

  • Pump.fun paused its live-streaming feature indefinitely due to reports of abusive content, such as child abuse, bestiality, and suicide threats.

  • The platform will improve moderation infrastructure, establish transparent usage guidelines, and provide users greater insight into moderation decisions.

  • Despite the controversy, Pump.fun remains a prominent Solana-based memecoin launchpad, generating $5.31 million in daily revenue on Nov. 24.

Justin Sun, founder of the Tron blockchain, became the largest investor in Donald Trump’s crypto project, World Liberty Financial (WLFI), by purchasing $30 million worth of tokens, boosting the project’s revenue to $52 million and enabling payouts to Trump’s company.

  • Sun, through his exchange HTX, purchased $30 million worth of WLFI tokens, making him the largest investor and raising total token sales to $52 million.

  • WLFI tokens, launched in October, faced sluggish sales due to restrictions on non-US persons and non-accredited US investors and the tokens being nontransferable.

  • Trump’s company, DT Marks DEFI LLC, will now receive 75% of net revenues after the $30 million milestone, aligning with his campaign promise to promote crypto and reduce regulatory oversight.

Wrapped Bitcoin (WBTC) experienced a flash crash on Binance, briefly plummeting to $5,200 due to a technical glitch before quickly recovering.

  • On Nov. 23, 2024, Wrapped Bitcoin (WBTC) suffered a flash crash on Binance, dropping from $98,000 to an unprecedented low of $5,200 due to a technical glitch.

  • The price quickly recovered, closing the day near $97,000, amid heightened trader and investor activity.

  • The event serves as a reminder of cryptocurrency market volatility and the importance of risk management strategies like stop-loss orders.

Tether minted $3 billion in USDt, significantly boosting market liquidity and likely contributing to Bitcoin's recent surge by enabling increased trading activity and attracting new investors.

  • Tether issued $3 billion in USDt, with $2 billion minted on Ethereum and $1 billion on Tron, enhancing overall market liquidity.

  • The influx of USDt supports Bitcoin's price surge by facilitating trading activity and attracting investors with a stable asset.

  • Tether's minting brings attention to the pivotal role of stablecoins in stabilizing and growing the cryptocurrency ecosystem during periods of volatility.

Cantor Fitzgerald has reportedly acquired a 5% stake in Tether, highlighting traditional finance's growing interest in digital currencies and potentially signaling political support for the crypto sector under the Trump administration.

  • Financial giant Cantor Fitzgerald has allegedly acquired a 5% stake in Tether, valued at $600 million, marking a significant foray into the cryptocurrency market.

  • This move aligns with Cantor Fitzgerald CEO Howard Lutnick’s appointment as Secretary of Commerce under President-elect Donald Trump, potentially paving the way for stronger political backing for Tether.

  • The investment reflects a broader trend of traditional finance embracing digital currencies and could signal a shift toward greater regulatory and institutional acceptance of cryptocurrencies.

ICYMI:

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