- A Gen Z scammer’s QUANT rugpull backfired as the community pumped its value.
- Crypto scams highlight risks, but collective action holds fraudsters accountable.
As a researcher who has spent countless hours delving into the intricacies of blockchain technology and the cryptocurrency market, I can’t help but find myself both amazed and amused by the tale of this Gen Z scammer. The audacity to rugpull his own token live on stream is something I’ve rarely encountered in my studies—it’s as if he thought he was playing a video game instead of manipulating real people’s investments!
Surprising everyone, a young Gen Z investor made headlines in the crypto sphere by broadcasting the sudden collapse of his homemade token, QUANT, in real time on a live stream.
He brazenly pocketed 128.3 Solana [SOL], equivalent to $30,000, as viewers watched in shock.
The token, introduced through the Pump.fun site, appears to have been created to exploit temporary online trends for profit.
Initially appearing as a straightforward fraudulent scheme, it surprisingly developed an unexpected twist, according to the observations made by the blockchain data analytics platform, Lookonchain.
How did the community react?
With great resolve and anger, the community united behind QUANT, causing a rapid surge that boosted its market capitalization to an astounding $35 million in mere hours.
If things had gone differently, his initial investments would have amounted to more than a million dollars and a quarter – sadly, though, he unintentionally hindered the success of his own venture.
In the future, the cryptocurrency group flipped the situation, dramatically increasing QUANT’s value by a staggering 71,386% within six hours, as a form of retaliation.
A significant spike propelled the token’s worth to a record peak of 0.07876 USD, causing its market capitalization to skyrocket to $4 million and trade volume to hit an impressive $213.7 million.
Contrary to others who gained vast fortunes, this crypto trader’s short-sighted scheme backfired, resulting in a substantial loss of nearly 10 million dollars. This unfortunate event stands as one of the most ironic failures in the annals of cryptocurrency.
But the Gen Z scammer wasn’t done yet
However, despite pocketing $30,000 from his initial QUANT rugpull, the Gen Z scammer didn’t stop there.
Fueled by his unlawful earnings, he introduced two additional digital assets, creatively titled LUCY (in honor of his pet) and SORRY (a playful reference to past deceptions).
In my analysis, I uncovered yet another instance of deceptive practices. By manipulating the system, I found that this individual successfully executed a ‘rug pull’, earning approximately 103 Solana (SOL) tokens, which equated to around $24,000 at the time.
However, the crypto community wasn’t ready to let his actions slide.
Eager to make him face the consequences, they managed to uncover and reveal his personal information such as his name, home address, and educational background from social media platforms, casting a harsh light on the young swindler.
More such incidents
Unsurprisingly, the cryptocurrency market has been tainted by numerous frauds that have shaken up many an investor.
In another instance, South Korean officials apprehended 215 people for stealing an astounding $232 million, underscoring the magnitude of fraudulent activities within this sector.
Notably, the Solana ecosystem often finds itself at the center of these controversies.
Therefore, noticing a pattern, the former NSA contractor and whistleblower Edward Snowden has previously criticized Solana due to its centralized structure, implying that it emphasizes operational efficiency over other considerations.
Additionally, he pointed out that it has evolved into a sanctuary for meme-based cryptocurrencies and deceptive ventures, thereby damaging its standing within the digital currency market.
Consequently, although scammers can sometimes leverage cryptocurrencies for swift profits, these instances underscore the collective strength of the community in taking action against them and ensuring justice is served.
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2024-11-21 17:44