$99k Bitcoin and 13-year old earns $50,000 rug-pulling his own memecoin

A new day comes with a new record for Bitcoin this week. At the time of writing Bitcoin has another new ATH, this time it’s $99,000.

Unfortunately, rug pulls are nothing new for the world of crypto. An influencer creates a cryptocurrency, promotes it on social media and then sells most of the coins when the price is high enough. The result is that the price collapses and 90% of investors lose money. In essence nothing new, but what is new is that this time it was done by a 13-year-old.

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

Quant

A 13-year-old streamer on gaming platform Twitch, where he is known as “$Kid”, has been accused by several investors of misleading them. He is said to have earned around $54,000 in a few days with a crypto rug-pull. First he increased the value of his memecoin ‘Quant’ and then sold most of the coins that he himself owned. Afterwards he repeated this with two other memecoins.

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Many investors have lost their initial investment. As the boy celebrated his win by showing his middle fingers and not subtly laughing at everyone who invested with him, there was of course a reaction. The 13-year-old’s personal details, including his name, address and school, were made public.

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His family received hateful messages on social media and new crypto coins were launched with names like ‘Quantsis’ and ‘Quantmom’, using the faces of his sister and mother (also found on social media) as the logo.

It is still unclear at this time whether legal action can be taken against the young streamer given that he’s underage.