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.
Financial institutions own most of everything in existence at this point, but Bitcoin specifically I’m sure they own enough for some nice pump and dumps.
It’s not like it will be on their official books.
Yeah, that may very well be the case and it’s hard to verify or falsify it.