Please be aware of the following: The article covers topics such as self-harm, suicide and other related issues. Please contact us if you or anyone you know struggles with self-harm. 988 Suicide & Crisis Lifeline.
The decentralized token-creation platform Pump.fun is under fire after an article was published late on Sunday about a user that threatened to harm himself if his token did not reach a certain price target.
Beau, the safety product manager for Pudgy Penguins posted an initial disclosure in which a user of Pump.fun threatened to "hang themselves" if the coin doesn't reach a set market cap.
Hello @pumpdotfun, someone is using your livestreams right now to threaten suicide if the coin doesn’t reach a certain marketcap.
The building is truly obscene and it needs to be removed.
Turn off the feature of live stream. It’s out of hand.
— Beau (@beausecurity) November 25, 2024
Beau later said that the user's Twitter account sent them a screen recording of the livestream in which the person appeared to be going through with hanging themselves.
"I hope it's a troll, but regardless of if it is fake or real it has the potential to inspire people to commit more self-harm or harm towards others. The real danger is that it could spiral further," Beau told Decrypt.
Another Twitter user, replying to Beau's thread, pointed out a separate incident where a Pump.fun token creator threatened to shoot their pet dog if the meme coin doesn't reach $11 million in market cap.
Beau's initial post has gotten more than 500,000 views at the time of writing.
Other forms of self harm have been reported on Pump.fun in response to Jordan Fish’s (better know as Cobie), creator of echo.xyz.
Decrypt Twitter has confirmed that the coin address of the Twitter user and his identity has been discovered, however any information protecting the individual has been redacted.
Upon investigation, Decrypt Pump.fun’s website does not have any terms and conditions. Pump.fun did not immediately return Decrypt's Request for comments
Pump.fun founder Alon wrote in a 22 November tweet that "we actively moderate illicit content" While acknowledging that "our moderation isn't perfect."
Alon revealed in October what he had done. Decrypt that, "We have built systems and have a team that handles the moderation of coins and messages in the coins' comment sections," after Pump.fun took action to remove child sexual abuse material that had been uploaded to the site's video feature.
What is Pump.fun?
Pump.fun was launched in early January, by Alon. It quickly gained momentum as a way to launch meme coins. Solana blockchain. The blockchain allows for token creation. "fair launch" Team allocation and mechanics are not included.
Raydium will only accept $17,000 as liquidity if the platform reaches a market cap of $100,000. Critics have pointed out that the platform lacks safety protocols when it comes to its streaming functions, and some developers perform dangerous stunts just to increase their token’s price.
The issue of self-harm has been raised. Decrypt's A post on the Association of Cryptocurrency Journalists and Researchers’ (ACJR) public Telegram channel by Candice TEO, one of the core members of the Crypto Communications Collective attracted attention.
“Projects like Pump.fun embody the “You can also read about the other ways to get in touch with us.” part of Web3 for everyone and it is tempting to put the blame on crypto when such issues arise,” Teo said Decrypt.
Concerns are focused on possible psychological effects of the volatile crypto market, especially around tokens and meme coins that have extreme price fluctuations. In August, Decrypt Reports have been made about similar incidents of outrageous behaviour on Pump.fun, such as one in which a coin maker faked death during a livestream.
Mind health among cryptocurrency traders
Experts in mental health have warned of the dangers associated with cryptocurrency trading, including emotional distress and addictive behaviors.
An article published on September 9th in The Journal of Social Sciences Journal of Mental Health Policy and Economics The study found that crypto trading resulted to lower life quality, less sleep, and more stress compared to those who did not trade. This study, which was only conducted on academics at a university in Turkey, focused its research exclusively on this demographic.
"Cryptocurrency trading is a significant public health problem," Researchers concluded by calling for greater social awareness of the adverse impact of irresponsible trade activities. Researchers also supported the creation of mental health policies specific to crypto traders.