Crypto traders are boycotting the memecoin platform Pump Fun this week over the firm’s lack of airdrop, numerous rug pulls, and its chaotic token launch with the crypto trader Kimchi.
Users across X have been sharing the “BOYCOTTPUMPFUN” hashtag, along with its own graphic, in an attempt to hold Pump Fun accountable for the “worst month ever in the trenches.”
One of the earliest examples of the boycott graphic was shared by the crypto X user ‘RonPull’ last Friday.
Read more: Pump Fun’s Kimchi partnership has turned into chaos
Another boycotter, the crypto trader and influencer Jack Duval, revealed on Sunday that he was starting a movement to “tank” Pump Fun’s revenue until the company releases an airdrop.
It’s been 474 days since Pump Fun teased that an airdrop was “coming soon.”
Duval claimed the boycott would work with just a few thousand crypto traders and that he wants to hold Pump Fun accountable for using “misleading marketing tactics to lure in new participants and artificially increase trading volume.”
Other users have joined the boycott while complaining that Pump Fun are “money extractors” that is only benefiting itself and the individuals it partners with.
Pump Fun lawsuit evidence resurfaces during boycott
During the ongoing boycott, the crypto X account ‘Crypto Banter’ shared a snippet of evidence from Burwick Law’s second amended lawsuit that was filed last January.
Read more: Solana Labs dropped from Burwick Law’s Pump Fun lawsuit
It showed internal Telegram chats that were leaked by a whistleblower, where Pump Fun’s co-founder Alon Cohen admitted he had created a market for low-value tokens that exposed every user to “really really low odds that come with gambling.”
The evidence resonated with a lot of disgruntled crypto traders who used it to further their boycott aims.
Botched Kimchi token fuels boycott anger
A creative collaboration between Pump Fun and Kimchi, a mysterious influencer who’s built a personality around wealth and crypto trading, also fell flat on its face last week and helped fuel the boycott.
First, the crypto analyst Bubblemaps noted that Kimchi likely only made $6 million trading Donald Trump’s TRUMP token, a stark contrast to the $40 million he was rumoured to have made in claims repeated by Pump Fun.
Kimchi then launched a token on Thursday in a post that was retweeted by Cohen.
Read more: Pump Fun and Kraken delete Hunter Biden $LAPTOP promotion
Cohen later unshared the post, and Kimchi deleted various Pump Fun posts, including the token launch reveal.
Users began to speculate whether or not Kimchi’s account was hacked or if the launch was disastrously handled by Kimchi and Cohen.
Kimchi has since added Pump Fun back to his bio, but neither Cohen nor Kimchi have made any further statements on the incident.
Pump Fun boycott starts right before $2.5M competition
The boycott is taking place during a Pump Fun competition that’s offering a share of $2.5 million to any group that is able to make the most profit trading crypto across a two-week period.
However, this competition has already been criticized as a means for Pump Fun Key Opinion Leaders (KOLs) to make more money and is still drawing criticism over the Kimchi incident.
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