$741M in Fees Triggers Accusations of Exploitation
Pump.fun, the Solana-based meme coin launchpad, is facing intense community backlash after blockchain data revealed it has generated a staggering $741 million in fees from 4.1 million SOL in sales. While the platform’s meme-fueled momentum has drawn major attention, it now finds itself at the center of controversy for allegedly facilitating scams and disturbing online incidents.
The accusations took off after Crypto Bitlord, a well-known influencer, blasted the platform on X. Citing data from LookOnChain, Bitlord accused Pump.fun of enabling a $20 billion wave of scammy projects and linked the app to serious harm. In a chilling post, he wrote:
Pump Fun stole $741M in fees from crypto users 🚨
— Crypto Bitlord (@crypto_bitlord7) June 17, 2025
We estimate over $20B has been extracted by scams alone
The application is a disease responsible for mass killings and suicides on livestream
-Deleting pump fun from the internet will be a net positive for the entire ecosystem https://t.co/e3YjuNoKcj
Pump Fun stole $741M in fees from crypto users 🚨
— Crypto Bitlord (@crypto_bitlord7) June 17, 2025
We estimate over $20B has been extracted by scams alone
The application is a disease responsible for mass killings and suicides on livestream
-Deleting pump fun from the internet will be a net positive for the entire ecosystem https://t.co/e3YjuNoKcj
Massive Fee Flow Raises Eyebrows
Since May 2024, Pump.fun has extracted 4.1 million SOL in fees. Of this, 3.84 million SOL ($699M) was sent directly to Kraken, while another 264,373 SOL was converted to $41.6M USDC, raising concerns about the scale of financial drain on retail users.
Some in the community supported the outrage, launching calls to “cancel Pump.fun”, while others noted that at least the platform is transparent about its fee structure. A user pointed out:
The incident underscores a broader debate: is Pump.fun simply capitalizing on the meme coin mania, or has it crossed ethical and operational boundaries?
Account Suspensions Add Fuel to the Fire
The controversy escalated further as multiple crypto influencers and team members tied to Pump.fun saw their X (formerly Twitter) accounts suspended, including co-founder Alon Cohen and Shaw Walters of Eliza Labs. Reports suggest at least 19 accounts connected to the project have been deactivated, including the official Pump.fun account, which had more than 457,000 followers.
With Pump.fun preparing for a $1 billion token sale, the loss of its main communication channel on X threatens to derail outreach and momentum. The timing has sparked speculation over potential API abuse or breaches tied to account security.
A Billion-Dollar Moment… or a Breaking Point?
The situation comes to a head just as Pump.fun gears up for a billion-dollar token launch, a milestone that could solidify its dominance or destroy its reputation. Critics argue the platform has profited from low-effort tokens, some linked to controversial or harmful content, while supporters maintain it has brought democratized coin launches to Solana’s ecosystem.
However, with billions extracted, allegations of real-world harm, and escalating platform instability, the sustainability of Pump.fun’s success model is under serious threat. The outcome of this backlash could shape how meme coin launchpads are regulated — or rejected — in the near future.
