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.
