Pump.Fun’s Bounties Platform Is a Black Hole of Circular Grifting
Would you run into a crowded university lecture hall, fart into a megaphone, and bellow “fartcoin” at the top of your lungs? If so—and should
Would you run into a crowded university lecture hall, fart into a megaphone, and bellow “fartcoin” at the top of your lungs? If so—and should you have the means to document this stunt on video, preferably capturing the audience’s reaction—you may claim a reward of approximately $1,000. The money, of course, will be dispensed in fartcoin, a meme cryptocurrency trading at a little over 10 cents at time of publication, with a total market capitalization hovering around $130 million. Such is the promise of Pump.Fun GO, a new feature on Pump.Fun, one of the fastest-growing crypto businesses of the past few years. It supposedly allows users to “pay anyone to do anything.” Crypto bounties are put up by individuals—or pooled from multiple wallets—and held in escrow by Pump.Fun until a countdown clock runs out. Finishing a task is supposed to net you the prize payout; creators get a refund if nobody completes the mission.
Pump.Fun, whose legal department did not return a request for comment, has said without clarifying its process that it moderates and approves the submissions of bounties as well as relevant collection claims. An initial wave of GO bounties included enticements to parachute into a World Cup game in a memecoin-themed costume and a prompt for a Black person to cover themselves in watermelon and repeat the phrase “I’m your friend, the watermelon man.” Terms of service state that GO users are responsible for their own “actions, decisions, wallet security, submissions, communications, and compliance with law.” They also warn that the platform may remove content, suspend accounts, and cooperate with third-party authorities in cases of “fraud, scams, market manipulation, infringement, hacking, scraping, abusive or illegal content, stolen property, unlawful financial activity, or other harmful or prohibited conduct.” Crypto transfers and rewards are “not guaranteed,” according to these terms. The GO feature, arriving just as the platform is contending with a massive crash in user engagement, seems to promise further accusations of lawlessness and deceptive practices for Pump.Fun, already a lightning rod for controversy.
Many of the bounties, such as one requesting footage of a memcoin-themed car exploding in a ball of flame, are flooded with AI-generated imagery presented as evidence of a completed task. People who actually carry out a challenge have no apparent recourse if someone else’s submission is selected as a winner by Pump.Fun according to some unspecified backroom criteria. Fine print can also complicate the picture: a $215 bounty titled “Go to McDonalds and get a burger” specifies that the payout will be split between the first 20 valid entries, coming out to $10.75 in crypto each—less than what most paid for their meal. While that bounty is rather mundane, others still open at the moment are strikingly dystopian, exploitative, or harmful. There are multiple requests for users to get the names of various cryptocurrencies tattooed on their body, and a man in India has already had his forehead tattooed for the equivalent of $3,000.
The BriefWire