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.
“I bought snake oil from a very trustworthy travelling salesman. Turns out it was just piss with ink and when I turned around he had skipped town!”
Tale as old as time m8. Play stupid games, win stupid prizes.