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You are here: Home / Bitcoin Industry News / Crypto Gets Shock Video Dose as Users Stream ‘NSFW’ Content to Pump Their Memecoins

November 25, 2024

Crypto Gets Shock Video Dose as Users Stream ‘NSFW’ Content to Pump Their Memecoins

The wild 2000s era of internet shock videos is making a return in crypto.

Some issuers of memecoins on Solana’s runaway hit Pump.fun are streaming videos ranging from extreme dark humor to dark behavior, all to pump their tokens to a few million dollars in market capitalization.

There are streams and images of children tied up, a man locked up in his toilet continuously, killing of hens, fetish videos, and softcore porn. Live streaming on the platform was a feature added last week.

Some tokens even have images of a human slashing forearms or playing with fire (though these are quickly taken down). One person was allegedly firing a gun outside their window every time his token zoomed higher. This sort of shock factor can lead to viral content, drawing in more viewers and potential investors.

It isn’t all bad, however. Most of the streams are harmless or contain fun activities such as drawing an egg or talking to an audience. Users have to specifically switch on an “NSFW” tag to land up on questionable content.

Most of the dark tokens don’t have an X page, and their issuers have not publicly shared why they choose to engage in extreme behavior. Memecoins often thrive on internet culture, humor, cuteness, and virality — but such acts may cross a line for what’s considered a harmless act for a meme. Such activities can even draw negative attention from mainstream media.

X users are also reporting some dark streams, such as suicidal streams, death threats, and animal porn among others. (CoinDesk could not independently verify these posts, or if Pump.fun’s moderation team likely took them down.)

httpss://x.com/beausecurity/status/1860859118124138610

Pump.fun lets anyone issue a token for less than $2 in capital, after which they choose the number of tokens, theme, and meme picture to accompany it. When the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and burned.

Pump.fun is among the most-used applications in the industry and the biggest revenue generator across all user apps — on track to do XXXX as per estimates.

To be clear, Pump.fun has no role in the type of streams users choose to do and has an active moderation team that takes down dark or malicious content. Pump has been moderating platform activity since it started.

httpss://x.com/a1lon9/status/1860036153249787911

“We actively moderate illicit content on the site. That includes images, videos, live streams, and comments,” Pump founder @a1lon9 wrote in an X post over the weekend. “Although we strongly stand for free speech and expression, it’s our responsibility to ensure that users don’t see clearly repulsive/dangerous content and that bad actors aren’t given a platform to act as they wish.”

“If you’re aware of a coin where moderation isn’t enforced, please report it in our support channels immediately,” he added.

Crypto Twitter largely condemns such behavior, however. No influential X account is chiding on issuers of such tokens to continue engaging in their activities, and most of these tokens are failing to break even a $50,000 market capitalization (viral and positive tokens on Pump.fun can easily break $1 million in a few hours).

Meanwhile, sentiment for Pump.fun has largely dived negative amid everything taking place on the platform.

httpss://x.com/Punk9277/status/1860924206961266940

Author: Shaurya Malwa

Filed Under: Bitcoin Industry News

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Ty Sagalow head shotTy Sagalow's unique background in legal, underwriting, policy drafting and claims – and his designation as a “qualified insurance expert” by the United States District Court for the Southern District of California – offers attorneys an unparalleled resource in D&O, E&O and Cyber insurance coverage disputes. He was also named "Most Helpful Expert" in a recent $8.7M coverage decision.

Mr. Sagalow served as Chief Underwriting Officer and General Counsel for AIG Executive Liability (formerly National Union Fire Insurance Company of Pittsburgh, PA), the world’s largest carrier of Directors and Officers Liability and Professional Liability Insurance. As General Counsel, Mr. Sagalow personally wrote or led teams that wrote all the D&O policies and many of the professional liability policies that AIG produced between 1988 and 2000 – policies which continue to serve as the foundational wording for the D&O and professional liability policies in the market today. As AIG Executive Liability’s Chief Underwriting Officer, Mr. Sagalow was charged with all underwriting interpretations and decisions for AIG D&O/E&O policies. In 2009, Mr. Sagalow headed up the team that rewrote all D&O policies for Zurich North America.

Ty is a cum laude graduate of Georgetown University Law Center and holds a LLM from New York University School of Law.

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With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

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Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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