Social media platform X has launched an unexpected crackdown on cryptocurrency projects, suspending multiple high-profile accounts without warning. The mass suspension occurred on June 16, targeting popular platforms that facilitate memecoin trading and Web3 services.
Major crypto projects, including PumpFun, BullX, and GMGN, found their accounts suddenly inaccessible. The platform has yet to provide official explanations for these actions.
This development has sent shockwaves through the cryptocurrency community, particularly as some projects were preparing significant launches.
The suspension wave affected several prominent cryptocurrency trading platforms that have gained substantial followings. PumpFun, known for facilitating memecoin launches, was among the most notable casualties of this crackdown.
BullX and GMGN, both popular Web3 trading tools, also lost their official accounts on the platform. ElizaOS and Bloom Trading joined the list of suspended projects, creating confusion among their user bases.