Key Takeaways
- A Gen Z trader’s rug pull attempt with a meme coin led to a dramatic rise in the token’s value.
- The crypto community exposed the trader’s personal information online in retaliation.
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A teenage crypto trader’s attempt to profit from a meme coin rug pull backfired when the community’s response pushed the token’s market capitalization to $80 million.
The trader created QUANT tokens during a livestream on Wednesday and executed a rug pull, selling 51 million tokens for 128 SOL (approximately $30,000), according to blockchain analytics firm Lookonchain.
A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!
The 51M $Quant he sold is now worth $4M!
He then created $lucy and $sorry, selling all of them for another profit of 103 $SOL($24K)!
Address:… pic.twitter.com/TYbS6psUYp
— Lookonchain (@lookonchain) November 20, 2024
Rather than collapse, the token’s price movement turned bullish. In the last six hours, QUANT shot up over 900% as crypto community members deliberately invested in the project, data from DEX Screener shows.
At peak prices, the trader’s initial token sale would have been worth over $4 million.
The “kid” trader subsequently launched two additional tokens, LUCY and SORRY, generating 103 SOL (about $24,000) in profits, according to Lookonchain.
Following his rug pull, crypto community members tracked down and exposed the teenager’s personal information, including his name, address, and school details across social media platforms.
Gen Z kid rugged a token live on video, on his pumpfun called $Quant. We ran into him months ago and tried to support him on his journey in crypto. Turns out he’s a little douchebag. The community is now mooning this to teach him a lesson.
Remember this kid @JackPottTrades… pic.twitter.com/tdwoSZ7ocv— K1dCrypt0 (@K1d_Crypt0) November 20, 2024
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https://cryptobriefing.com/meme-coin-scam-community-revenge/
