Teen creates memecoin, dumps it, earns $50,000
arstechnica.com
Unsurprisingly, he and his family were doxed by angry traders.

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.

  • HexadecimalSky@lemmy.world
    21·
    16 days ago

    Wait I feel like I remember reading about stuff like this in the early days if stock trading, people making fake companies, selling stocks and running off, more stringent rules started being put in place in the 1920’s-30’s

    • prole@lemmy.blahaj.zone
      2·
      14 days ago

      This is exactly why more regulation is needed in the space if they want it to be successful in the long term. But crypto bros can’t seem to be able to bring themselves to care about the long term (though I’m not sure I would either if I was made a multimillionaire overnight because of a memecoin or some shit)