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10.3K posts
We have removed Kled from the Nigerian app store and IP banned the entire region.
The first thing I would like to say is I have nothing against Nigeria. I have a ton of friends from this region and these were some of our earliest app adopters. Genuinely, thank you all for the support.
Kled has been up and running and out of beta for 4 months now. We have paid out hundreds of thousands of people for their data, and our users have uploaded over 1 billion assets onto our platform.
After several months of uploads we found that Nigeria had a ≈95% fraud rate. Instead of real, usable data, users were uploading pictures of black screens, duplicate photos, internet generated images, AI generated images, etc. at an unimaginable scale.
In comparison, Malaysia, Indonesia, and the Philippines have a less than 10% fraud rate across 10x the userbase size.
Our fraud system is fast to catch these issues but the level of complexity of these schemes is getting out of hand.
This weekend we were flooded with thousands of fake Japanese passports and identity cards with Nigerians photoshopped onto them in our KYC system. That was the final straw.
As a startup we can't afford to eat the costs of that data overhead, so we temporarily removed the app from the region while we improved our fraud detection and banning system to quickly filter out bad actors when the time is right.
On top of all of this, every time we make a post there is someone asking us to bring the region back within seconds. We hear you, but it's gotten out of hand.
We've made this decision with great care. We love everyone who has genuinely supported Kled from Nigeria, and we hope to return when the time is right.
-Kled Team
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Can’t wait for these Twitter pages to start tweeting about sandy and Luna.
It hasn’t gotten to Twitter yet, and I’m pretty sure it does.
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@Alayonimiii na that $chirayu i dey for 20k butttt with this level of virality e no make sense say e dey there so i’m just even lost
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👤 retweetledi
today is a turning point for $PUMP and pump fun
I want to give more context on the bigger picture and where we're actually going.
over the past ~9 months, 100% of revenue went into buybacks. basically no other platform in crypto has done that at this scale.
however, we received ongoing feedback specifically on the feeling of a lack of trust - in the certainty of buybacks, in what would happen to the bought-back tokens, even in whether the business itself would be here in a year.
today, we’re changing that.
it started with burning ~$370M worth of $PUMP purchases. ~36% of the circulating supply removed from circulation, forever.
but that isn’t enough. we’ve also allocated 50% of our next year of revenue to programmatic buybacks & burns. no more uncertainty for those who believe in us & those we’re proud to call our community.
but why not 100%? the short answer is the business simply needs the other 50% to grow.
a large treasury gives us the flexibility to make big bets over the next 5-10 years, and 50% of ongoing revenue enables us to build better products, infrastructure & reinvest into the ecosystem. I am extremely confident that 50% of the business we're building toward will dwarf 100% of the business we have today.
Pump.fun@Pumpfun
The future of $PUMP We have burned ALL bought back $PUMP tokens, around $370M worth of purchases (~36% of circulating supply), to gain trust with our community. On top of that, we have initiated a programmatic buyback *and burn* scheme at 50% of revenue for the next year to instill trust, predictability, and sustainability for the underlying ecosystem - and to remove as much of the supply from circulation as possible. $PUMP is changing; for the better of token holders, the team and the ecosystem. Learn more about why we’ve made these decisions and where we’re headed next 👇
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🇵🇹🤩 Bruno Fernandes is on 19 Premier League assists this season.
Just one more to match the all-time record of Thierry Henry and Kevin De Bruyne, two to make history.
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Hot take: Bruno as a playmaker is clear of KdB but KdB has some of the craziest assists the game has ever seen so the idea of him looks greater
Bruno has way more variation in his creation, can create from any angle on the pitch & his invention is the best we’ve seen from a #10.
.@dvdrgy
Just De Bruno of Us
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