A kid in his early teens made a small fortune after running a brutal crypto pump-and-dump scheme. His dad is surprisingly proud.
Enfant Terrible
A kid in his early teens made a small fortune after running a brutal crypto pump-and-dump scheme.
As Wired reports, California resident Adam Biesk’s son launched 1 billion memecoins dubbed Gen Z Quant last month. He spent roughly $350 to buy 51 million tokens for himself.
The teen then streamed himself on the online coin launch platform Pump.Fun, leading to a sharp increase in the price of Gen Z Quant — much in the vein of the platform’s name.
Hours later, the minor pulled the ripcord, cashing out with $50,000 worth of crypto in his pockets.
“No way. Holy fuck! Holy fuck!” he said at the time, as quoted by Wired. “Holy fuck! Thanks for the twenty bandos.”
Naturally, the memecoin started crashing almost immediately following his dump maneuver — completing a classic rug pull, a scenario in which a project’s founders relentlessly hype it up, only to pull the plug and grab some cash at the expense of actual investors.
