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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.
On Nov. 25, X user Beau, a Pudgy Penguins safety project manager, flagged a user in a Pump.fun livestream that was threatening to commit suicide if their coin did not reach a specific market capitalization.
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.
Over $470 million worth of crypto positions were liquidated over the last 24 hours. Long and short liquidations comprised $352.6 million and $119.9 million, respectively, with altcoins accounting for the vast majority of wiped positions, CoinGlass data shows.
Bitcoin BTC$95,963 and Ether ETH$3,523.67 accounted for a combined $108.9 million worth of liquidations, while Dogecoin DOGE$0.4166, XRP XRP$1.42, and Stellar XLM$0.4985 rounded out the top five with $33.1 million, $27.6 million, and $21.6 million liquidated.
Tether mints additional $3 billion USDt amid historic Bitcoin rally
Tether minted an additional $3 billion in USDt stablecoins on Nov. 23, as investor interest in the crypto markets surged amid a historic Bitcoin price rally.
Onchain data shows the stablecoin firm minted $2 billion USDt on the Ethereum network and an additional $1 billion on the Tron network in successive transactions.
Investors and traders use stablecoin volume and the amount of newly minted stablecoins as a proxy for market sentiment and trading volume.
High volumes of newly minted stablecoins are seen as a sign of heightened investor interest, and low volumes may indicate that there is little investor appetite for current market conditions.
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