Summary

A teenage boy created and released three memecoins, earning over $50,000 by selling his holdings before the price crashed (“soft rug pull”).

The backlash was swift, with the boy and his family doxed and facing threats from angry traders.

While the legality of such actions is unclear, the incident highlights the risks and ethical dilemmas in the unregulated memecoin market.

  • @hark
    link
    54 days ago

    No regulations needed here, nope.

    • @[email protected]
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      fedilink
      English
      14 days ago

      I’d really like to see every new coin get rug pulled and crypto bros stop pulling their grift cuz nobody listens anymore instead.

      • @hark
        link
        24 days ago

        They’re just hoping they’ll be the ones to rug pull others. For the ones believing in the long-term prospects, they assume bitcoin will always continue going up (even with some dips along the way) and that stablecoins will cover the other use cases.