Pump.fun Founder: Meme Coin Issuance Platform should implement new protection measures

Author: Tom Mitchelhill, CoinTelegraph; Compiled by: Baishui, Golden Finance

As LIBRA memecoin issuance continues to cause controversy, the founders of Pump.fun call for new protection measures for token issuance platforms.

In a post to X on February 18, anonymous Pump.fun founder Alon said he was “disgusted” by the release of LIBRA memecoin by Argentina President Javier Milei The token has been shared briefly, and some accused it of being a well- planned scam.

LIBRA was launched on February 15 and Argentine President Milei designated it as the country's official token.

However, several wallets quickly pulled over $107 million in unilateral liquidity from the token's liquidity pool, and Mile removed tweets supporting the token, resulting in the token's market value in a short time US$4.4 billion evaporated within 6 hours.

However, Alon defended his platform, saying it was created to prevent internal personnel from controlling the issuance of tokens.

He has since called on token issuing platforms to provide protection measures to "ensure that users are as safe as possible while meeting their needs."

Alon said priorities should include educating users on how to create tokens safely and ethically, making new traders’ entry “friendly” and ensuring users’ visibility by reducing the visibility of tokens that show suspicious trading patterns or ownership structures. Safety.

Meteora co-founder resigns

Meanwhile, Meteora co-founder Ben Chow has resigned from Meteora’s position, according to a February 18 post Meteora co-founder and Jupiter founder Meow to X.

Meow said the resignation was related to Chow’s “lack of judgment and caution” on some of the core aspects of the project over the past few months, but did not explain further.

While some commentators accuse the Meteora team of conspiring with Kelsier Ventures’ Hayden Davis, the person behind the LIBRA token, Meow claims neither Meteora nor Jupiter were involved in any wrongdoing:

“I would like to reiterate my confidence that neither Jupiter nor Meteora has been involved in any insider trading or financial wrongdoing or has received any tokens in an inappropriate way.”

In an earlier X statement on February 17, Chow also denied that Meteora had any insider activity surrounding LIBRA releases.

Chow said he and the Meteora team never received or managed tokens “privately” and had no information about “off-chain transactions.”

“To keep it highly confidential, few people in Meteora have access to any posting information,” Chow said.

“Neither the Meteora team nor me compromised the release of $LIBRA by leaking information, nor did we buy, receive or manage any tokens.”

He said the relationship between Meteora and LIBRA deployer Davis "has no exclusivity or uniqueness."

In the wake of the LIBRA scandal, Meow also announced that he would hire Fenwick and West law firm to investigate the situation and release an independent report. Fenwick and West law firm is currently facing lawsuits accusing the firm of being “directly involved” to help FTX blur its relationship with Alameda Research in 2022.