Pump.fun Founder: New Protective Measures Should be Implemented for Meme Coin Issuance Platforms

As the issuance of the LIBRA memecoin continues to spark controversy, the founder of Pump.fun is calling for the implementation of new protective measures for token issuance platforms.
In a post sent to X on February 18, Alon, the anonymous founder of Pump.fun, said he was "disgusted" by the "insider scam" related to the LIBRA memecoin issuance. Argentine President Javier Milei had briefly shared this token, and some people accused it of being a well - orchestrated scam.
LIBRA was launched on February 15, and Argentine President Milei designated it as the country’s official token.
However, several wallets quickly withdrew more than $107 million in one - sided liquidity from the token’s liquidity pool, and Milei deleted the tweet supporting the token, causing the token’s market capitalization to evaporate by $4.4 billion in just six hours.
However, Alon defended his platform, saying it was created to prevent insiders from controlling token issuances.
Since then, he has called on token issuance platforms to provide protective measures "to ensure that users are as safe as possible while meeting their needs."
Alon said that priorities should include educating users on how to create tokens safely and ethically, making the entry of new traders "more friendly," and ensuring user safety by reducing the visibility of tokens that show suspicious trading patterns or ownership structures.
Meteora Co - founder Resigns
Meanwhile, according to a post sent to X on February 18 by Meow, the co - founder of Meteora and the founder of Jupiter, Ben Chow, the co - founder of Meteora, has resigned from Meteora.
Meow said that the resignation was related to Chow’s "lack of judgment and prudence" regarding certain core aspects of the project in the past few months, but did not elaborate further.
Although some commentators accused the Meteora team of colluding with Hayden Davis of Kelsier Ventures (the person behind the LIBRA token), Meow claimed that neither Meteora nor Jupiter was involved in any illegal acts:
"I would like to reiterate my confidence that neither Jupiter nor Meteora was involved in any insider trading or financial illegal acts, nor did they receive any tokens in an improper way."
In an earlier statement on X on February 17, Chow also denied any insider activities around the LIBRA release by Meteora.
Chow said that neither he nor the Meteora team had ever "privately" received or managed tokens, nor had they been informed of any information about "off - chain transactions."
"To maintain a high level of confidentiality, few people in Meteora have access to any release information," Chow said.
"Neither I nor the Meteora team have damaged the release of $LIBRA by leaking information, nor have we purchased, received, or managed any tokens."
He said that the relationship between Meteora and Davis, the LIBRA deployer, "had no exclusivity or uniqueness."
After the LIBRA scandal, Meow also announced that he would hire the law firm Fenwick and West to investigate the situation and release an independent report. The law firm Fenwick and West is currently facing a lawsuit accusing it of being "directly involved" in helping FTX obscure its relationship with Alameda Research in 2022.