Gen Z Trader Makes Nearly 1 Million From Rug Pull, But Crypto Community Does Payback By Pumping The Coin

Key Takeaways

• A teenage live streamer and crypto trader attempted to profit from a rug pull scheme by creating and hyping a fake meme coin called Gen Z Quant QUANT.

• The kid issued the token on the Solana meme coin launchpad, Pump.fun, and invested 2 SOL 460 to purchase about 19 million QUANT. He made a staggering 2,100x return on his investment and sold his tokens for a 30,000 profit.

• He live-streamed the entire process and disrespected investors after draining liquidity from the QUANT/SOL pool and declaring the token as a rug pull.

• The crypto community joined forced to amp up the QUANT token, which soared by an astounding 71,000 in under 24 hours to trade at an all-time high and attained a market capitalization of over 80 million. The scammer's holdings of 51 million QUANT would have been worth 4 million if he had waited long enough.

A savvy teenage crypto trader and live streamer could have netted nearly 1 million after creating and trading a fake meme coin in a rug pull scheme - a type of scam where a token's developers abandon the project and steal investors' funds.

The trader created an all-new cryptocurrency called Gen Z Quant QUANT through the Solana-based meme coin launchpad Pump.fun during a live stream on Wednesday, which turned out to be fraudulent. A wallet identified as "Fi2h" created the meme coin, supposedly owned by the teenager. The entire scheme was live-streamed on his channel.

According to an X post from blockchain intelligence firm Lookonchain, he spent 2 SOL, worth approximately 460, as an initial investment to buy 18.89 million QUANT before selling 3.17 million QUANT for 116 SOL 27,000. The trader made a staggering 2,100x return within just three hours of trading the meme coin. Eventually, the scammer sold 51 million QUANT for 128 SOL, earning him a 30,000 profit.