Here’s what happened in crypto today.
Today in crypto, memecoin launch platform Pump.fun has come under fire after users allegedly broadcast harmful and violent acts through its livestream feature, crypto liquidations reached $470 million after Bitcoin failed to break the $100,000 mark and retraced slightly, and Tether has minted an additional $3 billion of USDt.
Pump.fun faces backlash over harmful content on livestream feature
Pump.fun, a decentralized platform for launching Solana-based memecoins, has come under fire after users allegedly broadcast harmful and violent acts through its livestream feature.
The platform has faced criticism from crypto community members calling for stricter moderation or the shutdown of the livestream feature.
Beau urged Pump.fun to intervene, disable the livestream and provide support to the individual. Beau also called on Pump.fun to shut down its livestream feature altogether, saying that it’s already “out of control.”
Other disturbing reports include users allegedly threatening violence. One community member flagged a person who shot a gun out a window each time their coin went up. Some X users reported a child threatening to kill family members if a token did not reach a price goal, while another flagged a person who claimed they would shoot up a school if their memecoin didn’t pump.
Responding to the criticism, Alon, the pseudonymous leader of Pump.fun, acknowledged the community’s concerns, but defended the platform’s moderation efforts.
Crypto liquidations reach $470 million as Bitcoin retraces, altcoins surge
Bitcoin retreated after failing to break the $100,000 milestone on Nov. 24, causing one of the largest weekend crypto liquidation events in over half a year.