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Cryptocurrency News Articles

Teenage Crypto Trader's Rug Pull Attempt Backfires as Community Pumps Token to $80M Market Cap

Nov 20, 2024 at 06:41 pm

The trader created the QUANT token (Gen Z Quant) on Pump.fun during a livestream on Wednesday and executed a rug pull.

Teenage Crypto Trader's Rug Pull Attempt Backfires as Community Pumps Token to $80M Market Cap

A teenage crypto trader’s attempt to profit from a meme coin rug pull went awry when the community rallied behind the token, pushing its market capitalization to $80 million.

During a livestream on Wednesday, the trader created the QUANT token (Gen Z Quant) on Pump.fun and executed a rug pull. He sold 51 million tokens for 128 SOL (around $30,000), netting a profit of roughly $29,600, as reported by blockchain analytics firm Lookonchain.

A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!

The 51M $Quant he sold is now worth $4M!

He then created $lucy and $sorry, selling all of them for another profit of 103 $SOL($24K)!

Address:… pic.twitter.com/TYbS6psUYp

— Lookonchain (@lookonchain) November 20, 2024

However, instead of collapsing, QUANT’s price surged dramatically. According to data from DEX Screener, the token’s value skyrocketed over 900% in the last six hours as members of the crypto community deliberately invested in the project.

At peak prices, the trader’s initial token sale would have been valued at over $4 million.

Following the QUANT rug pull, the teenage trader launched two additional tokens, LUCY and SORRY, and performed another rug pull, generating 103 SOL (approximately $24,000) in profits.

Afterward, members of the crypto community tracked down and exposed the teenager’s personal information, including his name, address, and school details, across various social media platforms.

Gen Z kid rugged a token live on video, on his pumpfun called $Quant. We ran into him months ago and tried to support him on his journey in crypto. Turns out he’s a little douchebag. The community is now mooning this to teach him a lesson.

Remember this kid @JackPottTrades… pic.twitter.com/tdwoSZ7ocv

— K1dCrypt0 (@K1d_Crypt0) November 20, 2024

News source:cryptobriefing.com

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