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Memecoin platform Pump Fun is facing a backlash from crypto traders due to its long-delayed airdrop, multiple "rug pull" incidents
Memecoin platform Pump Fun is facing a backlash from crypto traders due to its long-delayed airdrop, multiple "rug pull" incidents, and chaotic token launches, including one in collaboration with crypto trader Kimchi. Detractors are calling for accountability using the #BOYCOTTPUMPFUN hashtag, pointing to leaked chat logs where Pump Fun co-founder Alon Cohen allegedly admitted the platform created a "gambling" market for low-value tokens. During this period, Pump Fun launched a trading competition with $2.5 million in prizes, but this competition has also drawn criticism for allegedly favoring KOLs.
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